USD/CHF extends gains, trades above hourly 200-MA

By FXStreet The selling in safe haven CHF continued in US session, pushing the USD/CHF pair above the hourly 200-MA located at 0.9846 levels.

Tracks EUR/USD pair

The Swiss Franc is tracking the drop in the EUR amid the positive action in the Asian and European equities. The CHF and EUR correlation strengthened ahead of Draghi’s testimony since more ECB easing would force the SNB to do more.

Meanwhile, the flight to risk assets is also responsible for the bearish move in the CHF and other safe haven currencies.

USD/CHF Technical Levels

The immediate resistance is seen at 0.9872 (10-DMA), above which the spot could target 0.9929 (100-DMA). On the other hand, a break below 0.98 could see the pair extend losses to 0.9723 (200-DMA).
For more information, read our latest forex news. …read more

Source:: FX Street