OctaFX | OctaFX Forex Broker
Open trading account
Back

USD/CHF drops to 0.9720 post Swiss data

FXStreet (Mumbai) - The USD/CHF pair ran through fresh offers near the hourly 200-SMA in the early Asian trades and extends its gradual descent thereon; as renewed buying interest was seen around the CHF after the Swiss unemployment rate beat estimates.

USD/CHF drops to hourly 20-SMA

Currently, the USD/CHF pair trades -0.12% lower at 0.9725, retreating from fresh session lows struck at 0.9720, which is also the hourly 20-SMA. The USD/CHF pair remains undermined amid fresh demand for safe-havens such as the CHF amid wide-spread risk-aversion in the market after the Japanese stocks and US indices futures dropped.

Adding to this, upbeat employment data from Switzerland further boost the local currency and dragged USD/CHF to fresh session lows near 0.97 handle. The jobless rate remained at 3.2% m/m in Sept, compared to the 3.2% seen in Aug and beating 3.4% estimates.

Markets now await the US weekly jobless claims and the FOMC minutes which may provide fresh incentives on the pair.

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 0.9705 (Hourly 50-SMA) and below that at 0.9684 (Oct 5 Low) levels.

German exports dropped 5.2% August

The Destatis data released on Thursday showed German exports fell 58.2% in August dragging down the surplus to EUR 15.3 billion from July’s EUR 25.0 billion surplus.
Read more Previous

CNY depreciation expectations in check – UOB

Research Team at UOB, suggest that after Chinese markets reopened today after a week-long break, authorities are likely to keep CNY depreciation expectations in check ahead of IMF’s SDR decision expected in Nov/Dec with the IMF/WB annual meetings later this week (9-11 October).
Read more Next
Start livechat