USD CHF trading News 3
11/14/2016 11:12:09 AM
The bid tone around the USD declined a bit in the European morning, fuelling a withdrawal in the USD/CHF pair from 11 day peaks.
Currently, the USD/CHF pair trades 0.33% higher at 0.9914, expanding its withdrawal from 2 week highs got at 0.9940 earlier on the day. The major trims gains, although remains within a close vicinity to daily highs, mainly driven by constant bullish momentum behind the dollar against its main competitors among rising treasury yields.
Furthermore, continuing risk-on trades, as reflected by broadly higher t-yields, continue to weigh on the safe-haven status of the CHF, more adding to the upside in the major. Looking ahead, markets now wait for the Swiss PPI data due in the European session for fresh motivation on the spot.
To the upside, the next persistence is located at 0.9938 and above which it could extend gains to 0.9957 and 1.000 next. To the downside, immediate support might be located at 0.9895 and below that 0.9845 and from there to 0.9810.