USD/CHF pressured on rising demand for safe-havens, near 0.9630

By FXStreet FXStreet (Mumbai) – The traditional safe-haven assets such as the Swiss currency continues to benefit from the underlying risk-off theme persisting in the European trading, with USD/CHF now trimming losses and hovering above 0.96 handle.

CHF bid on safe-haven appeal

Currently, the USD/CHF pair trades -0.40% lower at 0.9633, having posted a high at 0.9653 and a low at 0.9570. The Swiss franc trimmed gains, although remained well bid this session as the demand for safety assets remained intact as European indices and oil prices extend their slump.

Moreover, strengthening EUR/USD amid broad based US dollar sell-off as a risk currency also boosts the Swiss franc, keeping USD/CHF largely subdued.

Later in the day, the pair may receive fresh cues from the upcoming US manufacturing PMI data which may provide fresh incentives for further USD moves. While markets paid little attention to the Swiss manufacturing PMI which topped estimates.

USD/CHF Technical Levels

To the upside, the next resistance is located at 0.9690 (Aug 31 High) levels and above which it could extend gains 0.9727 (July 30 High) levels. To the downside, immediate support might be located at 0.9600 levels and below that at 0.9570 (Today’s Low) levels.
For more information, read our latest forex …read more

Source:: FX Street