USD/CHF off lows, but keeps red near 0.9975 level

Haresh Menghani FXStreet

The USD/CHF pair has managed to bounce off few pips from session lows, albeit maintained mild bearish bias within Friday's trading range.

Currently trading around 0.9975 region, a mild greenback bounce back, with the key US Dollar Index erasing majority of daily gains, being an exclusive driver of the pair's recovery from closer to 5-week lows touched in the previous session.

However, the prevalent cautious investors' sentiment, as depicted by bearish trading bias surrounding European equity markets, is lending support to the Swiss Franc's safe-haven appeal and has failed to lift the pair beyond session top resistance near the 0.9985 region.

With an empty US economic docket, investors are likely to take cues from the speech by Chicago Fed President Charles Evans, due to speak about current economic conditions and monetary policy later during the NY trading session.

Technical levels to watch

On a sustained recovery move above 0.9985 level, the pair is likely to extend the momentum further beyond parity mark towards testing 1.0025-30 horizontal resistance ahead of 100-day SMA hurdle near 1.0060 region.

On the downside, decisive break below mid-0.9900s is likely to prolong the depreciating move further towards the very important 200-day SMA support near 0.9910-0.9900 region, en-route yearly lows support near 0.9865-60 zone.

1 Week
1 Month
1 Quarter

1 Week

Avg Forecast 0.9940

33% Bullish
67% Bearish
0% Sideways

Bias Bearish

1 Month

Avg Forecast 1.0178

62% Bullish
23% Bearish
15% Sideways

Bias Bullish

1 Quarter

Avg Forecast 1.0215

69% Bullish
15% Bearish
15% Sideways

Bias Bullish

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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