USD/CHF: Swiss franc gains on safe-haven appeal

By FXStreet FXStreet (Mumbai) – The USD/CHF pair stalled its recovery mode near 0.9730 region and resumed its downtrend as the Swiss franc remains supported amid cautious trades on the European indices.

USD/CHF hovers above 0.9700

Currently, the USD/CHF pair trades -0.33% lower at 0.9706, attempting a recovery from 0.9688 session lows. The major fall back near 0.97 handle as the European stocks erased gains and turned negative, reinforcing risk-off sentiment across the financial markets, keeping the bids for safe-haven such as the CHF intact.

Meanwhile, the US dollar trades muted against its major competitors, divided between widespread risk-aversion and 2015 Fed rate-hike talk up. The USD index, the virtual gauge of the greenback’s relative value, trades flat at 96.11.

Looking ahead, the pair is likely to track the sentiment on the Wall Street and the USD moves on the release of the crucial US consumer confidence data.

USD/CHF Technical Levels

To the upside, the next resistance is located 0.9748 (Today’s High) levels and above which it could extend gains to 0.9807 (Sept 23 High) levels. To the downside, immediate support might be located at 0.9663 (Sept 24 Low) levels and below that at 0.9600 levels.
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Source:: FX Street