USD/CHF Drops Further to Test Hourly 100-SMA
The USD/CHF
pair extends its downward spiral into a second day today, having hit
fresh five-week highs last week, as the US dollar continues to slip
against its major competitors.
USD/CHF supported above 10-DMA at 0.9714
Currently,
the USD/CHF pair trades -0.12% lower at 0.9739, hovering close to fresh
session lows struck at 0.9734 some minutes ago. The major reversed a
spike 0.9767 and came under fresh selling pressure post-European open as
risk-aversion returned to markets after the European stocks failed to
sustain the rebound and retraced gains.
Moreover, extension of
the US dollar sell-off across the board also weighed heavily on the
USD/CHF pair. The USD index drops -0.33% to fresh session lows of 94.43.
Looking ahead, markets now await the US durable goods data, which may
provide much-needed support to the USD bulls.
USD/CHF Technical Levels
To
the upside, the next resistance is located at 0.9762/63 (1h 50-SMA/
5-DMA) and above which it could extend gains to 0.9800 (round number).
To the downside, immediate support might be located at 0.9700/0.9692
(round number/ 1h 200-SMA) and below that 0.9645 (20-DMA).
