9 Mar 2015
USD/CHF falls further to 0.9825
FXStreet (Mumbai) - USD/CHF pared gains and inched closer to 0.98 handle as the greenback came under selling pressure on Monday as investors were taking profits from its impressive rally on Friday, spurred by stellar payrolls.
USD/CHF falls from 0.9857 levels
Currently, the USD/CHF trades lower at 0.9827 levels, hovering close to fresh lows at 0.9825. The pair surrendered previous gains and moved away from two-month highs as the US dollar was heavily offered investors were taking profits on long dollar positions after the dollar index hit decade highs earlier in the day.
The US dollar index which measures the relative strength of the greenback against a basket of six major currencies eased from fresh twelve year highs reached at 97.78 levels and now trades at 97.40 levels, recording a -0.34% loss on the day.
However, the downside in the pair may remain short-lived as the Swiss franc continues to weaken with the SNB actively selling the nation's currency.
According to the SNB it held CHF509.250 billion (USD523.17 billion) in foreign currency at the end of February, compared with a revised CHF498.463 billion held the previous month.
USD/CHF Technical Levels
To the upside, the next resistance is located at 0.9900 levels and above which it could extend gains to 1.00 levels. To the downside, immediate support might be located at 0.9802 levels and below that at 0.9750 levels.
USD/CHF falls from 0.9857 levels
Currently, the USD/CHF trades lower at 0.9827 levels, hovering close to fresh lows at 0.9825. The pair surrendered previous gains and moved away from two-month highs as the US dollar was heavily offered investors were taking profits on long dollar positions after the dollar index hit decade highs earlier in the day.
The US dollar index which measures the relative strength of the greenback against a basket of six major currencies eased from fresh twelve year highs reached at 97.78 levels and now trades at 97.40 levels, recording a -0.34% loss on the day.
However, the downside in the pair may remain short-lived as the Swiss franc continues to weaken with the SNB actively selling the nation's currency.
According to the SNB it held CHF509.250 billion (USD523.17 billion) in foreign currency at the end of February, compared with a revised CHF498.463 billion held the previous month.
USD/CHF Technical Levels
To the upside, the next resistance is located at 0.9900 levels and above which it could extend gains to 1.00 levels. To the downside, immediate support might be located at 0.9802 levels and below that at 0.9750 levels.