USD/CHF hits seven-week highs near 0.9350
|- Swiss franc weakens and turns negative for the day.
- USD/CHF trims gains after reaching levels near 0.9350.
The combination of a weaker Swiss franc and a firm US Dollar boosted USD/CHF to 0.9344, the highest level since September 30. It then pulled back to the 0.9325 zone trimming daily gains.
The Swiss started to lose momentum during the European session following economic data from the Eurozone and then it dropped further as EUR/CHF rebounded. The cross is back above 1.0500, as it continues to recover from multi-year lows it reached last week at 1.0445.
The cautions tone across markets should keep the demand for the Swiss franc strong but at the same time, inflation pressures in the Eurozone (reflected in the PMI HIS November preliminary report) and some potential profit-taking favor a rebound in EUR/CHF and kept USD/CHF near monthly highs.
USD/CHF short-term outlook
While clearly above 0.9300, the USD/CHF could continue to look for more gains in the short-term. A slide below could alleviate the bullish pressure with the next support at 0.9250. On the upside, the immediate resistance is located at 0.9345 and then the September top at 0.9368.
Technical levels
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