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USD/CHF drops below 50-DMA

FXStreet (Mumbai) - The broad based USD selling in Europe, coupled with an early wobble in the European stock markets pushed the USD/CHF pair below its 50-DMA located at 0.9701 levels.

Supported at 0.9658

The spot fell to a low of 0.9658 before recovering slightly on the back of an uptick in the European equities. The demand for the safe haven CHF spiked after the pan-European blue chip Euro Stoxx 50 index weakened 0.50% in early trading. However, the index trimmed losses to trade 0.18% lower.

The investors are likely to continue tracking the sentiment in the European and US equity markets ahead of the Fed minutes due in the NY session.

USD/CHF Technical Levels

At 0.9680, the immediate support is seen at 0.9650 (previous day’s low), under which losses could be extended to 0.9590 (Sep 17 low), which If taken out, could push the pair down to 0.9563 (100-DMA). On the other side, resistance is seen at 0.9701 (50-DMA) and 0.9767 (Oct 5 high).

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