1 Dec 2015
USD/CHF ignores Swiss GDP
FXStreet (Mumbai) - The USD/CHF pair paid little heed to the weaker-than-expected Swiss GDP figure and continues to move lower in early Europe.
CHF correction under way
The move lower appears due a technical correction in the oversold CHF. The currency fell to a 5-year low on Friday on rumours of SNB intervention. The Swiss Q3 GDP stalled q/q compared to the expected figure of 0.2%.
The technical correction in the oversold CHF may continue ahead of the US ISM manufacturing data due later in the day.
USD/CHF Technical Levels
At 1.0265, the immediate support is seen at 1.0240 (Jan 2015 high), under which the pair could fall to 1.02 levels. On the other side, a break above 1.03 would expose 1.0328 (Nov 27 high).
CHF correction under way
The move lower appears due a technical correction in the oversold CHF. The currency fell to a 5-year low on Friday on rumours of SNB intervention. The Swiss Q3 GDP stalled q/q compared to the expected figure of 0.2%.
The technical correction in the oversold CHF may continue ahead of the US ISM manufacturing data due later in the day.
USD/CHF Technical Levels
At 1.0265, the immediate support is seen at 1.0240 (Jan 2015 high), under which the pair could fall to 1.02 levels. On the other side, a break above 1.03 would expose 1.0328 (Nov 27 high).