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USD/CHF surrenders gains, back below 0.9500

FXStreet (Córdoba) - USD/CHF came under mild pressure and trimmed recent gains, sliding back below the 0.9500 mark after hitting a fresh 14-month high earlier on the day.

USD/CHF rose to a high of 0.9514 underpinned by diverging rate outlooks between the Federal Reserve and the Swiss National Bank. While the Fed is expected to start its rate hiking cycle in 2015, SNB members have recently commented negative interest rates are not off the table.

However, profit taking sent USD/CHF to a low of 0.9457 at the beginning of the New York session before finding support. At time of writing, the pair is trading at 0.9475, still up 0.22% on the day.

USD/CHF technical levels

In terms of technical levels, immediate resistances are seen at 0.9514 (Sept 25 high), 0.9533 (Jul 15 2013 high) and 0.9600 (psychological level). On the other hand, supports could be found at 0.9451 (Asian session low), 0.9389 (Sept 24 low) and 0.9353 (Sept 23 low).

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