USD/CHF extends slide to fresh weekly lows at 0.9050
|- Swiss franc holds onto gains after the ECB meeting.
- US dollar under pressure: ignores US data and DXY slides to six-day lows.
The USD/CHF pair is falling sharply for the second day in a row. It is holding under 0.9100 and also below the 20-day moving average. After the European Central Bank (ECB) meeting the Swiss franc peaked reaching the highest since September 1 versus the US dollar.
While the greenback remains weak, with the DXY now down for the week under 93.00, the Swiss franc holds onto recent strength after the EBC meeting. The central bank, as expected, kept its monetary policy unchanged.
The ECB showed no concerns about the recent strength seen in the euro and offered upbeat economic forecasts for the region. The EUR/CHF bottomed at 1.0749, the lowest in ten days before the statement, and then bounced toward 1.0800.
The USD/CHF bottomed at 0.9048 and as of writing, it trades at 0.9075, losing 50 pips over the day and the week. The 0.9050 area is the immediate support, and a break lower would expose 0.9015/20 that protects the multi-year low at 0.8997. On the upside, now 0.9080 is the immediate resistance followed by 0.9095 and 0.9115.
Technical levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.