21 Jul 2015
USD/CHF: Swiss franc better bid on upbeat trade data
FXStreet (Mumbai) - The Swiss franc wiped out early losses and edged slightly higher versus the US dollar in the European morning, as the Swiss currency received fresh impetus from the latest better than expected Switzerland’s trade balance data.
USD/CHF rejected at 0.9649
Currently, the USD/CHF pair trades -0.09% lower at 0.9638, keeping near fresh lows at 0.9629 reached after the data release. The USD/CHF pair turned in to the negative territory as widening trade surplus in the Swiss economy boosted the domestic currency.
Switzerland's trade surplus widened in June according to the latest report released on Tuesday. The trade surplus amounted to ₣3.58 billion in the reported month, compared with a revised ₣3.41 billion registered in the previous month. Market analysts had projected a ₣2.80 billion surplus in June.
However, the downside in the pair looks limited as the broad based US dollar strength is expected to push the USD/CHF pair higher in the day ahead.
USD/CHF Technical Levels
To the upside, the next resistance is located at 0.9658 (July 20 High) levels and above which it could extend gains 0.9700 levels. To the downside, immediate support might be located at 0.9595 (July 20 Low) levels and below that at 0.9551 (July 17 Low) levels.
USD/CHF rejected at 0.9649
Currently, the USD/CHF pair trades -0.09% lower at 0.9638, keeping near fresh lows at 0.9629 reached after the data release. The USD/CHF pair turned in to the negative territory as widening trade surplus in the Swiss economy boosted the domestic currency.
Switzerland's trade surplus widened in June according to the latest report released on Tuesday. The trade surplus amounted to ₣3.58 billion in the reported month, compared with a revised ₣3.41 billion registered in the previous month. Market analysts had projected a ₣2.80 billion surplus in June.
However, the downside in the pair looks limited as the broad based US dollar strength is expected to push the USD/CHF pair higher in the day ahead.
USD/CHF Technical Levels
To the upside, the next resistance is located at 0.9658 (July 20 High) levels and above which it could extend gains 0.9700 levels. To the downside, immediate support might be located at 0.9595 (July 20 Low) levels and below that at 0.9551 (July 17 Low) levels.