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USD/CHF offered again above 0.98, weak stocks weigh

FXStreet (Mumbai) - The USD/CHF pair was offered above 0.98 levels for the fourth time this month after the stock markets in Europe turned lower, stoking demand for the CHF and other safe haven assets.

Rejected at 0.9816

The buying interest in the CHF spiked as the European stock markets turned lower on weak commodity prices and concerns of global growth slowdown. Thus, the pair turned lower from the daily high of 0.9816 to trade largely unchanged on the day around 0.9785 levels.

The investors also await the US personal spending and income report due for release later today. The comments from Fed officials and its impact on the Fed rate hike bets could also affect the overall demand for the US dollars.

USD/CHF Technical Levels

The immediate resistance is located at 0.9844 (Friday’s high), above which gains could be extended to 0.9903 (Aug 11 high). On the other side, support is seen at 0.9771 (daily low) and 0.9755 (5-DMA).

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