FXStreet (Mumbai) – The bulls took a breather in its recent upsurge, sending the USD/CHF pair slightly lower in the Asian session.
USD/CHF faces stiff barrier at 0.9950
Currently, the USD/CHF pair trades -0.10% lower at 0.9920, having posted fresh session lows at 0.9917 last minutes. The major extended its overnight corrective slide into Asia and now remains near lows as the demand for traditional safe-havens such as gold, the JPY and the Swiss franc is seen on the rise on the back of fresh sell-off in oil prices and weaker Chinese equities.
Moreover, the minor-correction in the prices can be also attributed to the mixed US dollar movement as well as a profit-taking slide after the major posted gains for three back-to-back sessions. Later today, USD/CHF will be influenced by broader market sentiment and the upcoming US pending homes sales data.
USD/CHF Technical Levels
To the upside, the next resistance is located 0.9943 (Dec 29 High) levels and above which it could extend gains to 0.9991 (daily R2). To the downside, immediate support might be located at 0.9911 (1h 200-SMA) and below that 0.9890 (20-DMA).
The bulls took a breather in its recent upsurge, sending the USD/CHF pair slightly lower in the Asian session.
(Market News Provided by FXstreet)