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Forex: USD/CHF sideways trading at 0.9487/88

FXstreet.com (Barcelona) - The USD/CHF has traded sideways recently during US trading Tuesday, having been devoid of catalysts during the latter stages of the morning. In these moments the pair failed to make a break above 0.9500 level (0.9495 session high), trading positively at 0.9487/88 at the time of writing.

Briefing the technicals, the USD/CHF is slated to face calculated resistance at 0.9495, ahead of 0.9515, and finally 0.9570. Conversely, any attempt or subsequent movement lower will encounter means of support at 0.9455, then 0.9425 and finally the 0.9400 barrier, notes the ICN.com technical analyst team.

According to Sean Callow, an FX Strategist at Westpac, “Softer US data has provided some relief for the euro but Italy’s political debacle remains some way from resolution. ECB’s Draghi will struggle to maintain a positive tone on Thursday as investors will be keyed into any comments or new policy initiatives.”

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