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USD/CHF hits fresh session lows below hourly 50-MA

FXStreet (Mumbai) - The USD/CHF fell below its hourly 50-MA in Europe and extended losses to hit a session low of 0.9968 levels.

Offered below strong 38.2% fib

The spot was offered after it failed to sustain above 1.00 (38.2% of 0.9476-1.0328 for the second day. The losses in the Asian and European stock markets is also supporting the regional safe haven CHF. With no major US data due for release, the pair is at the mercy of the overall market sentiment.

The CHF traders would remain cautious ahead of Thursday’s SNB rate decision, although markets do not expect he market consensus is for no change to policy, despite the economic indicators.

USD/CHF Technical Levels

At 0.9977, the immediate support is seen at 0.9961 (previous day’s low), under which the pair could drop to 0.9904 (50-DMA). On the other side, a break above 1.00 (38.2% of 0.9476-1.0328) would expose 5-DMA at 1.0067.

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