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USD/CHF consolidates near 1-year highs

FXStreet (Córdoba) - USD/CHF remains firm, consolidating gains above the 0.9300 level, following last week’s sharp rally.

The dollar advanced against its European rivals last week, more propelled by euro and pound weakness rather than greenback self strength. The shared currency crumbled following ECB rate cut and new easing measures, while the Sterling dropped on the back of Scottish yes vote fears. USD/CHF didn’t stay behind and climbed to a fresh 1-year high of 0.9335 last Friday.

With the subsequent pullback being contained by the 0.9280 zone, USD/CHF was confined to a phase of consolidation in a narrow range. At time of writing, the pair is trading at 0.9317, virtually unchanged on the day after posting a third weekly gain in a row.

USD/CHF levels to watch

In terms of technical levels, USD/CHF could find next resistances at 0.9335 (Sept 5 high), 0.9341 (Sept 13 2013 high) and 0.9371 (Sept 11 2013 high). On the other hand, supports are seen at 0.9284 (Sept 5 low), 0.9212 (Sept 2 high) and 0.9200 (psychological level).

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