USD/CHF jumps to fresh highs above 0.9450

FXStreet (Mumbai) – The Swiss currency lost strength and erased gains versus the US dollar in the European morning, pushing USD/CHF to fresh session highs. The major erased losses and trades at session highs after the Swiss franc was badly hit on GDP data which showed that Switzerland’s economy decelerated in the first quarter of 2015.

USD/CHF trades below 0.9500

Currently, the USD/CHF pair trades 0.16% higher at fresh session highs of 0.9456, retracing from 0.9409 handle. The pair climbed higher after Switzerland revealed a 0.2% decrease in Q1 2015, following a revised 0.5% growth Q4 2014. Market consensus had bet on 0.2% growth.

Meanwhile, a halt in the greenback’s across the board also pushed the pair higher. The dollar index which measures the greenback’s strength against its major peers, now trades flat at 97.13. Markets now await US GDP data for major imapct on the pair.

USD/CHF Technical Levels

To the upside, the next resistance is located at 0.9520 levels and above which it could extend gains to 0.9540 levels. To the downside, immediate support might be located at 0.9450 levels and below that at 0.9400 levels.

The Swiss currency lost strength and erased gains versus the US dollar in the European morning, pushing USD/CHF to fresh session highs. The major erased losses and trades at session highs after the Swiss franc was badly hit on GDP data which showed that Switzerland’s economy decelerated in the first quarter of 2015.

(Market News Provided by FXstreet)