FxWirePro: Swissy sold on poor domestic trade data, USD/CHF hits session highs at 0.9753
Tuesday, September 22, 2015 6:51 AM UTC
- Safe-havens were bid in quiet Asian trading seesion, which kept USD/CHF largely subdued
- Broad based US dollar recovery and poor Switzerland trade data has now buoyed USD/CHF bulls
- Switzerland's trade surplus shrank in August, coming in at bln, compared with a downwardly revised bln in the previous month
- The pair hit session highs at 0.9753, staging a impressive recovery from 0.9711 struck in Asia
- USD/CHF is currently trading at 0.9747, with next hurdle located 0.9762 (Sept 16 High) levels and above which it could extend gains to 0.9797 (Sept 11 High)
- Near-term bias higher, caution advised as 4-hourly Stochs are at oversold levels
- Breach of trend line support on the downside at 0.9707 could reignite bearish view, supports below lie at 0.9697 (Sept 10 Low) and then at 0.9600 levels