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USD/CHF drops below 50-DMA

FXStreet (Mumbai) - The bid tone on the CHF strengthened in early Europe, pushing the USD/CHF below its 50-DMA located at 0.9664 levels.

Hovers around key fib level

The spot is currently trading above 0.9656, which is the 61.8% retracement of the plunge witnessed in August. The weak opening in the European stocks, coupled with broad based USD weakness in early Europe ensured the pair fell to a low of 0.9642 levels.

The bid tone on the CHF is largely at the mercy of the overall market sentiment in Europe and later in the US.

USD/CHF Technical Levels

The immediate resistance is located at 0.9664 (50-DMA), above which the pair could re-test 0.9702 (daily high). On the other side, support is seen at 0.9642 (daily low) and 0.9600 levels.

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