USD/CHF defends mild gains below 0.9700

By FXStreet The US dollar keeps the upper edge versus its Swiss counterpart in early Europe, with USD/CHF gradually reversing from near 0.97 handle amid negative Asian equities.

USD/CHF rejected at 0.9695

Currently, the USD/CHF pair trades modestly flat at 0.9681, having met fresh supply once again near 0.97 barrier. The risk-off sentiment witnessed in Asia is expected to extend into the European trades, keeping the safe-haven demand for the Swiss franc intact as the Euro Stoxx futures dip -0.20% in early trading pointing to a weaker start on the European markets.

Next in focus for the major remains the foreign currency reserves data published by the SNB ahead of the US official labor market report lined up for release in the NY session.

USD/CHF Technical Levels

To the upside, the next resistance is located at 0.9695/0.9700 (daily high/ round number) and above which it could extend gains to 0.9738/50 (Apr 28 High/ psychological levels). To the downside, immediate support might be located at 0.9632 (1h 200-SMA/10-DMA) and below that 0.9600/05 (5-DMA).
For more information, read our latest forex news. …read more

Source:: FX Street