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16 Jul 2015
USD/CHF well bid near 0.9550
FXStreet (Mumbai) - The bid tone in the USD/CHF increased in the European session, driving the major to fresh three month highs above 0.95 handle, as the Swiss franc was sold-off on downbeat retail sales figures while the greenback remains underpinned on increasing Fed rate-hike talks.
USD/CHF hits 3-month highs at 0.9572
Currently, the USD/CHF pair trades 0.36% higher at 0.9553, climbing further towards 0.96 barrier. The USD/CHF pair remains strongly bid ahead of ECB meeting as below estimates retail sales data from Switzerland continues to weigh on the Swiss franc.
Switzerland’s Federal Statistical Office revealed that retail sales declined at annualized rate of 1.8% in May, disappointing expectations for a gain of 1.9% and following an increase of 1.6% in April.
The upside in the pair was further boosted by the strengthening US dollar, riding higher on Wednesday’s Fed Chair Yellen’s hawkish comments.
Looking ahead, focus will remain on FOMC Chair Janet Yellen's speech before the Senate Banking Committee alongside a couple of significant US macro releases lined up later in the North American session.
USD/CHF Technical Levels
To the upside, the next resistance is located at 0.9600 levels and above which it could extend gains 0.9650 levels. To the downside, immediate support might be located at 0.9524 (Today’s Low) levels and below that at 0.9448 (July 15 Low) levels.
USD/CHF hits 3-month highs at 0.9572
Currently, the USD/CHF pair trades 0.36% higher at 0.9553, climbing further towards 0.96 barrier. The USD/CHF pair remains strongly bid ahead of ECB meeting as below estimates retail sales data from Switzerland continues to weigh on the Swiss franc.
Switzerland’s Federal Statistical Office revealed that retail sales declined at annualized rate of 1.8% in May, disappointing expectations for a gain of 1.9% and following an increase of 1.6% in April.
The upside in the pair was further boosted by the strengthening US dollar, riding higher on Wednesday’s Fed Chair Yellen’s hawkish comments.
Looking ahead, focus will remain on FOMC Chair Janet Yellen's speech before the Senate Banking Committee alongside a couple of significant US macro releases lined up later in the North American session.
USD/CHF Technical Levels
To the upside, the next resistance is located at 0.9600 levels and above which it could extend gains 0.9650 levels. To the downside, immediate support might be located at 0.9524 (Today’s Low) levels and below that at 0.9448 (July 15 Low) levels.