FXStreet (Mumbai) – The USD/CHF pair trades around 0.93 levels, with the US dollar having an upper hand so far in the battle between the safe havens.
CHF gains capped by fears of SNB intervention
The Swiss National Bank intervened in the FX markets on Monday in order to halt the appreciation in the CHF. Consequently, the USD/CHF pair fell to a low of 0.9244. However, the CHF gains were erased today on fears the SNB may intervene again if the CHF continues to strengthen on the Grexit uncertainty.
Meanwhile, the safe haven demand for the US Treasuries is also supporting the US dollar. The pair recovered from the Asian session low of 0.9256 to trade around 0.9300 levels.
USD/CHF Technical Levels
The immediate resistance is seen at 0.9320 (50-DMA), above which gains could be extended to 0.9370. On the other hand, a break below 0.9292 (10-DMA) could open doors for a re-test of 0.9244 (previous session’s low).
The USD/CHF pair trades around 0.93 levels, with the US dollar having an upper hand so far in the battle between the safe havens.
(Market News Provided by FXstreet)