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USD/CHF recovers to 0.9750 as risk-on returns

FXStreet (Mumbai) - The Swiss franc ran through fresh offers and erased most gains versus the US dollar in the mid-European session, as demand for safety assets diminished amid improving risk-sentiment.

USD/CHF supported at hourly 200-SMA

Currently, the USD/CHF pair trades -0.04% lower at 0.9752, having bounced of session lows struck at 0.9731, which coincides with the hourly 200-SMA. The USD/CHF pair tries to recover lost ground somewhat as rising demand for riskier assets on the back of higher global equities, diminishes the safe-haven bids for the Swiss currency.

Earlier this session, the Swiss franc rose to fresh session highs versus the greenback after Switzerland’s CPI figures beat estimates, recording a 0.1% increase in September, after posting negative readings and came in above forecast of 0.0% growth.

Markets now await the US trade balance data which may provide fresh impetus to the USD/CHF pair. Markets are expecting a widening of the trade gap to $42.5 billion in August from the $41.9 billion in July.

USD/CHF Technical Levels

To the upside, the next resistance is located 0.9770 (Oct 5 High) levels and above which it could extend gains to 0.9800 (round number). To the downside, immediate support might be located at 0.9731 (Hourly 200-SMA & Today’s Low) and below that at 0.9684 (Oct 5 Low) levels.

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