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USD/CHF grapples with 1.03 handle

FXStreet (Mumbai) - The USD/CHF trimmed gains to trade around 1.30 handle after having clocked a 5-year high of 1.0328 on Friday on rumours of SNB intervention.

Rejected at 1.0318

The pair turned lower from the high of 1.0318 levels. Swiss Franc fell for the sixth consecutive week last week. Friday’s fall in the CHF was on the back of rumors of SNB front running the possible ECB action on this Thursday.

The traders now await the US housing data and regional manufacturing indices. The oversold nature of the CHF also keeps the doors open for a technical correction.

USD/CHF Technical Levels

At 1.03, the immediate support is seen at 1.0240 (Jan 2015 high), under which the losses could be extended to 1.02 levels. On the higher side, a strong resistance is seen at 1.0330 (trendline resistance - July 2012 high to Jan 2015 high), above which the pair could rise to 1.04 levels.

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