USD/CHF: Bulls back in the game, at session highs near 0.9740

By FXStreet FXStreet (Mumbai) – The US dollar shaved-off losses from the Asian session and now edged higher versus the Swiss franc in the early European trades, after the Swiss currency was sold into the domestic trade figures.

USD/CHF holding firmly above 0.9700

Currently, the USD/CHF pair trades 0.24% higher at fresh session highs of 0.9742, recovering from 0.9711 struck in Asia. The major extended further to the upside following the release of Swiss trade balance data which disappointed the CHF bulls.

Switzerland’s trade surplus shrank in August; data published by Federal Statistical Office (FSO) revealed. The trade surplus amounted to CHF2.87 billion in August, compared with a downwardly revised CHF3.58 billion registered in the previous month.

Moreover, USD/CHF received fresh impetus from the broad based US dollar recovery, after the greenback erased losses and swung back into gains against its major competitors.

Calendar-wise, the European session remains data-thin on Tuesday. Hence, markets may shift attention towards tomorrow’s macro data for further incentives.

USD/CHF Technical Levels

To the upside, the next resistance is located 0.9763 (Sept 16 High) levels and above which it could extend gains to 0.9798 (Sept 11 High) levels. To the downside, immediate support might be located at 0.9697 (Sept 10 Low) …read more

Source:: FX Street