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USD/CHF recovers after 2 days of falls

FXStreet (Córdoba) - USD/CHF has climbed to fresh daily highs at the beginning of the European session, moving inversely with EUR/USD, as investors await the European Central Bank monetary policy decision.

USD/CHF pullback from a 10-month high of 0.9211 extended over the last 2 days before the pair found support at the 0.9175 zone. Following a consolidation phase, USD/CHF is staging a mild recovery, having climbed to a high of 0.9188 so far. At time of writing, the pair is trading at 0.9185, 0.10% above its opening price.

However, trading might remain subdued ahead of the BoE and ECB policy decisions, while once the market gets past those events, the US nonfarm payrolls will come into center stage. Consensus points to a 200K gain in August, following a rise of 209K the previous month.

USD/CHF technical levels


In terms of technical levels, USD/CHF could find next resistances at 0.9199/0.9200 (Sep 3 high/psychological level), 0.9211 (Sep 2 high) and 0.9226 (Nov 12 2013 high). On the flip side, supports are seen at 0.9175 (Sep 3 & 4 lows), 0.9138 (Aug 29 low) and 0.9125 (Aug 28 low).

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