USD/CHF trims daily losses after testing support area

Ani Salama FXStreet

The US dollar managed to trim most of its daily losses against the franc over the last hours, in line with a broad, mild recovery across the board.

USD/CHF bottomed out at 0.9659, roughly at the same level it did last week, but found support and climbed back to the 0.9580 area, taking back some of its daily losses. At time of writing, the pair is trading at 0.7579, still 0.1% below its opening price.

On the data front, US new home sales fell 7.8% in August to a seasonally adjusted annual rate of 609,000, just above the 600,000 expected.

USD/CHF levels to consider

As for technical levels, next supports are seen at 0.9658 (Sep 22 low), 0.9648 (Sep 8 low) and 0.9593 (Aug 23 low). On the other hand, resistances line up at 0.9707 (Sep 26 high), 0.9737 (10-day SMA) and 0.9757 (100-day SMA).

Author

Ani Salama

FXStreet

Ani Salama is an Economist specialized in financial markets and statistics analysis. In 2010, she joined FXstreet where she now contributes with the news section.

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