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USD/CHF testing highs near 0.9720

FXStreet (Mumbai) - The USD/CHF pair wipes out losses and flips to gains in the European session, recovering nearly half of Friday’s slide after the US dollar was thrashed by the weak US jobs report.

USD/CHF capped by 5-DMA

Currently, the USD/CHF pair trades 0.05% higher at 0.9719, having posted fresh session highs at 0.9729 in early moves. The USD/CHF pair appears to found fresh bids above 0.97 handle and erases entire losses as the greenback halted its downslide and trimmed losses against its major competitors. The USD index, the virtual gauge of the greenback’s relative strength now trades -0.25%% at 95.81, recovering from 95.55 lows.

Moreover, the Swiss franc came under renewed selling pressure as the persisting risk-on sentiment continues to favour the riskier currencies such as the US dollar at the expense of the safe-havens – CHF.

Looking ahead, fresh US data flow will provide fresh cues on further USD moves and hence influence further moves on the USD/CHF pair.

USD/CHF Technical Levels

To the upside, the next resistance is located 0.9754 (Sept 29 High) levels and above which it could extend gains to 0.9782 (Sept 30 High) levels. To the downside, immediate support might be located at 0.9686 (Today’s Low) levels and below that at 0.9663 (Sept 24 Low) levels.

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