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USD/CHF resilient to weak European stocks

FXStreet (Mumbai) - The USD/CHF pair managed to latch on to its gains even though the European stocks declined, stoking demand for the safe haven currencies.

CHF off lows but weak

The USD/CHF pair fell back to the 0.9711 levels from the high of 0.7353 before bouncing back to 0.9735 levels. The dip to intraday low of 0.9711 was largely triggered by a 1% drop seen in the Euro Stoxx equity index.

However, the pair moved back into positive territory on the back of a broad based strength in the USD. At the moment, the pair appears on track for its third consecutive day of gains.

USD/CHF Technical Levels

The immediate resistance is located at 0.9763 (Sep 15 high), above which the spot could rise to 0.98 levels. On the other side, support is seen at 0.97 and 0.9671 (50-DMA) levels.

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