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USD/CHF rises above 0.98

FXStreet (Mumbai) - The offered tone around CHF gathered pace in Europe, pushing the USD/CHF pair to a high of 0.9817 levels.

SNB under pressure?

The CHF is being ditched across the board after the ECB’s Draghi signaled more easing in December. Since then the speculation of an SNB retaliation has caught fire, leading to a drop in the Swiss Franc. The pair is up for the eighth consecutive session.

The focus now is on the US new home sales figure due later today. The pair is now trading around its daily high of 0.9817 levels.

USD/CHF Technical Levels

The immediate resistance is seen at 0.9844 (Sep 25 high), above which the pair could target 0.9903 (Aug 11 high). On the lower side, a break below 0.98 could lead to a re-test of the daily low at 0.9756.

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