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3 Mar 2015
USD/CHF hits fresh 7-week high at 0.9614
FXStreet (Mumbai) - USD/CHF climbed to the highest levels since SNB cap removal during the European session, snapping losses from the previous session, amid talks of SNB intervention dragged the Swiss franc across the board.
USD/CHF rises from 0.9568 levels
Currently, the USD/CHF trades higher by 0.25% at 0.9607 levels, hovering close to fresh seven-week highs posted at 0.9614 levels some minutes ago. The pair rallied above 0.9600 levels as the Swiss franc came under pressure on increased speculation that the Swiss National Bank (SNB) is intervening on forex markets to further depreciate their currency in a bid to safe guard Swiss exports.
The SNB's sight deposits improved last week, indicating the possibility of SNB intervention to depreciate the currency. Data from the SNB showed that sight deposits of domestic banks at the central bank surged up to CHF383.66 billion in the week ended February 27, from CHF365.49 billion recorded last week.
Meanwhile, USD/CHF remains elevated despite weaker US dollar, while better than forecast Switzerland’s GDP data had little impact on the pair.
USD/CHF Technical Levels
To the upside, the next resistance is located at 0.9620 levels and above which it could extend gains to 0.9650 levels. To the downside, immediate support might be located at 0.9526 levels and below that at 0.9495 levels.
USD/CHF rises from 0.9568 levels
Currently, the USD/CHF trades higher by 0.25% at 0.9607 levels, hovering close to fresh seven-week highs posted at 0.9614 levels some minutes ago. The pair rallied above 0.9600 levels as the Swiss franc came under pressure on increased speculation that the Swiss National Bank (SNB) is intervening on forex markets to further depreciate their currency in a bid to safe guard Swiss exports.
The SNB's sight deposits improved last week, indicating the possibility of SNB intervention to depreciate the currency. Data from the SNB showed that sight deposits of domestic banks at the central bank surged up to CHF383.66 billion in the week ended February 27, from CHF365.49 billion recorded last week.
Meanwhile, USD/CHF remains elevated despite weaker US dollar, while better than forecast Switzerland’s GDP data had little impact on the pair.
USD/CHF Technical Levels
To the upside, the next resistance is located at 0.9620 levels and above which it could extend gains to 0.9650 levels. To the downside, immediate support might be located at 0.9526 levels and below that at 0.9495 levels.