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16 Sep 2015
USD/CHF drops below 0.97, safe havens on the rise
FXStreet (Mumbai) - The bid tone on the safe haven assets, including the CHF strengthened in the early US session and after the weaker US data, pushing the USD/CHF pair below the 0.9700 handle.
Trades below hourly 50-MA
The spot has taken out all three major moving average support levels – 200-MA, 100-MA and 50-MA on the hourly chart. The hourly 50-MA support at 0.9711 was the latest one to make way for a drop to its session low of 0.9686 levels.
At the moment, the CHF is the second best performing safe haven assets; up 0.53% against the USD. Gold is at the top with 0.9% gains. Meanwhile, the resilience in the treasury yields have kept the Yen largely unchanged on the day against the USD.
USD/CHF Technical Levels
The immediate support is located at 0.9677 (Monday’s low), under which the spot could extend the drop to 0.9652 (50-DMA). On the other side, resistance is seen at 0.9716 (hourly 100-MA) and 0.9762 (daily high).
Trades below hourly 50-MA
The spot has taken out all three major moving average support levels – 200-MA, 100-MA and 50-MA on the hourly chart. The hourly 50-MA support at 0.9711 was the latest one to make way for a drop to its session low of 0.9686 levels.
At the moment, the CHF is the second best performing safe haven assets; up 0.53% against the USD. Gold is at the top with 0.9% gains. Meanwhile, the resilience in the treasury yields have kept the Yen largely unchanged on the day against the USD.
USD/CHF Technical Levels
The immediate support is located at 0.9677 (Monday’s low), under which the spot could extend the drop to 0.9652 (50-DMA). On the other side, resistance is seen at 0.9716 (hourly 100-MA) and 0.9762 (daily high).