Back
16 Mar 2015
USD/CHF recovers from lows around 1.0040
FXStreet (Mumbai) - The Swiss franc strengthened against its US counterpart in the mid-European session, despite weak Swiss macro data, as the US dollar remained relentlessly sold-off across the board dragging USD/CHF lower.
Weaker USD drives USD/CHF to session lows
Currently, the USD/CHF weakened by -0.14% and trades at 1.0041 levels, swiftly recovering from session lows of 1.0033. The pair trades weak largely weighed down by persistent weakness in the US dollar versus its major counterparts.
The US dollar index which measures the relative strength of the greenback against a basket of six major currencies declines to 100.25, recording a -0.47% loss on the day.
The losses in USD/CHF remains capped on downbeat Swiss retail sales and PPI data which undermines the Swiss currency. The producer and import price index declined 3.6% year-on-year, which was the biggest fall since October 2009, when the measure dropped 4.7%.While, retail sales declined at annualized rate of 0.3% in January, disappointing expectations for a gain of 2.6%.
USD/CHF Technical Levels
To the upside, the next resistance is located at 1.0100 levels and above which it could extend gains to 1.0131 levels. To the downside, immediate support might be located at 1.00 levels and below that at 0.9966 levels.
Weaker USD drives USD/CHF to session lows
Currently, the USD/CHF weakened by -0.14% and trades at 1.0041 levels, swiftly recovering from session lows of 1.0033. The pair trades weak largely weighed down by persistent weakness in the US dollar versus its major counterparts.
The US dollar index which measures the relative strength of the greenback against a basket of six major currencies declines to 100.25, recording a -0.47% loss on the day.
The losses in USD/CHF remains capped on downbeat Swiss retail sales and PPI data which undermines the Swiss currency. The producer and import price index declined 3.6% year-on-year, which was the biggest fall since October 2009, when the measure dropped 4.7%.While, retail sales declined at annualized rate of 0.3% in January, disappointing expectations for a gain of 2.6%.
USD/CHF Technical Levels
To the upside, the next resistance is located at 1.0100 levels and above which it could extend gains to 1.0131 levels. To the downside, immediate support might be located at 1.00 levels and below that at 0.9966 levels.