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16 Jan 2015
USD/CHF heals wounds; recovers above 2%
FXStreet (Mumbai) - The US dollar managed to recover some losses against the Swiss franc in the Asian morning, having plunged about 16% in the previous session following the Swiss National Bank's (SNB) call to abandon the EUR/CHF peg.
Currently, the USD/CHF traded 2.44% higher at 0.8615 levels, bouncing-off from multi-year low levels of 0.7360 reached yesterday post the SNB action. levels. However, the US dollar traded much lower versus Swissie as traders continue to digest the unexpected moves by the SNB which shook the world markets. The Swiss Central Bank said in a statement released later, that maintaining the fixed currency rate was no longer justified, largely because the franc was no longer as overvalued as three years ago when the peg was set.
USD/CHF Technical Levels
To the upside, the next resistance is located at 0.87 levels and above which it could extend gains to 0.89 levels. To the downside, immediate support might be located at 0.85 levels and below that at 0.84 levels.
Currently, the USD/CHF traded 2.44% higher at 0.8615 levels, bouncing-off from multi-year low levels of 0.7360 reached yesterday post the SNB action. levels. However, the US dollar traded much lower versus Swissie as traders continue to digest the unexpected moves by the SNB which shook the world markets. The Swiss Central Bank said in a statement released later, that maintaining the fixed currency rate was no longer justified, largely because the franc was no longer as overvalued as three years ago when the peg was set.
USD/CHF Technical Levels
To the upside, the next resistance is located at 0.87 levels and above which it could extend gains to 0.89 levels. To the downside, immediate support might be located at 0.85 levels and below that at 0.84 levels.