18 Feb 2015
USD/CHF: Swiss franc rebounds from SNB Jordan-backed lows
FXStreet (Mumbai) - USD/CHF fell in the Asian session, bouncing-off fresh monthly highs reached in the previous session as traders resorted to profit taking on their long positions after the recent rally.
USD/CHF falls from 0.9366 levels
Currently, the USD/CHF traded -0.55% lower at fresh session lows at 0.9316 levels, retracing from session highs posted at 0.9366 levels some hours ago. The pair sank in mid-Asian session largely as the Swiss franc recovered from monthly lows versus the greenback reached in the US last session after SNB Chief Jordan said in a speech in Brussels that the Swiss franc still remains significantly overvalued and the country's central bank remains prepared to intervene when necessary in currency markets.
Meanwhile, USD/CHF extends its recovery mode after the revocation of a cap rate on EUR/CHF and general intraday downtrend persists until 0.9366 levels is breached as traders now await US FOMC minutes for fresh cues.
USD/CHF Technical Levels
To the upside, the next resistance is located at 0.9347 levels and above which it could extend gains to 0.9376 levels. To the downside, immediate support might be located at 0.9306 levels and below that at 0.9250 levels.
USD/CHF falls from 0.9366 levels
Currently, the USD/CHF traded -0.55% lower at fresh session lows at 0.9316 levels, retracing from session highs posted at 0.9366 levels some hours ago. The pair sank in mid-Asian session largely as the Swiss franc recovered from monthly lows versus the greenback reached in the US last session after SNB Chief Jordan said in a speech in Brussels that the Swiss franc still remains significantly overvalued and the country's central bank remains prepared to intervene when necessary in currency markets.
Meanwhile, USD/CHF extends its recovery mode after the revocation of a cap rate on EUR/CHF and general intraday downtrend persists until 0.9366 levels is breached as traders now await US FOMC minutes for fresh cues.
USD/CHF Technical Levels
To the upside, the next resistance is located at 0.9347 levels and above which it could extend gains to 0.9376 levels. To the downside, immediate support might be located at 0.9306 levels and below that at 0.9250 levels.