OctaFX | OctaFX Forex Broker
Open trading account

USD/CHF drops to key support on SNB’s Jordan

FXStreet (Mumbai) - The USD/CHF wiped-out gains and dropped sharply to lows in early Europe, in response to the comments from the Swiss National Bank (SNB) Chief Jordan.

USD/CHF tested Thursday’s low

Currently, the USD/CHF pair trades almost unchanged at 1.0130, retracing slightly from fresh session lows struck at 1.0123 in last hours. The major extends its slide from near multi-month highs into a second straight session as the directionless trading seen in the greenback fail to provide any impetus.

Moreover, the latest comments from SNB’s President on the CHF lifted the Swiss franc further, thereby keeping USD/CHF undermined. SNB’s President Thomas Jordan reiterated that Franc is overvalued and an overvaluation is corrected over time, remains to be seen when.

In absence of economic data in the day ahead, the major will track cues from the sentiment on the European and US stocks.

USD/CHF Technical Levels

To the upside, the next resistance is located 1.0200 (round number) levels and above which it could extend gains to 1.0221 (Nov 18 High). To the downside, immediate support might be located at 1.0096 (10-DMA) and below that at 1.0064 (Nov 17 Low).

EUR/GBP supported near 0.70, Draghi eyed

EUR/GBP is now looking to regain further ground after bottoming out in the boundaries of the critical support at 0.7000 in early trade...
Read more Previous

NZD/USD: Depreciation bias intact - Nomura

Charles St-Arnaud, Research Analyst at Nomura, believes that NZD/USD will continue to depreciate into year-end and early next year, as a result of the narrowing of the rates differential (Fed hiking and RBNZ cutting) and because of the further decline in milk prices.
Read more Next
Start livechat