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USD/CHF: Bears in control, fights back 0.95

FXStreet (Mumbai) - The US dollar remains relentlessly offered versus its Swiss counterpart in the mid-European session, with USD/CHF now languishing near 0.95 handle.

USD/CHF drops further from 0.9560 levels

Currently, the USD/CHF pair loses -0.62% to trade at 0.9508, recovering from a dip to session lows struck at 0.9495. The USD/CHF pair dived deeper in the red during the European session as the greenback accelerated declines on the back of widespread risk-aversion, triggered by falling European stocks. The USD index falls -0.34% to 94.69 levels.

Further, the Swiss franc continues to benefit versus the US dollar from the better than expected Switzerland’s trade balance numbers. The Swiss trade surplus expanded to CHF3.05 billion in Sept, opposed to expectations of a CHF2.51 billion expansion.

Markets now await the US datasets and Fed speaks for further cues while the sentiment on the Wall Street will be also closely eyed.

USD/CHF Technical Levels

To the upside, the next resistance is located 0.9565 (Today’s High) levels and above which it could extend gains to 0.9583/0.9590 (hourly 200-SMA + Oct 14 High). To the downside, immediate support might be located at 0.9491 (Oct 16 Low) and below that at 0.9473 (Oct 15 Low).

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