USD/CHF is creeping further to the top

FXStreet – The currency pair USD/CHF recorded on Monday, like many other Majors, lifeless in a narrow sideways range. Because of the low volume of trade due to the American holiday “Memorial Day”. However, it managed the currency to rise some in the last few hours with the help of the U.S. Dollar Index to a new session high. Recently, the US dollar traded on 0,9758 and to 0.11 per cent in the Plus.

The speech of the ECB President, Mario Draghi, was the only notable event of the week kick-off. Big Surprises still remained. The Central Bank chief stressed that the recovery will be sustainable, but an extraordinary level of monetary support is still necessary.

For the Rest of the day the currency pair, no major jumps is likely to result in more fully, because there is no market-moving news to the publication queue. Tomorrow, the economic calendar includes the KOF leading Indicator from Switzerland, which is expected to improve in may, according to Bank economists, from 106 to 106,2 points. Across the Atlantic, however, spending in both the consumption and income figures, which are expected to provide for an increase in Volatility.

Technical Outlook

In the daily chart, a triangle is gradually becoming discernible, which suggests that market participants are likely to change in the sales mode. Resistances lie at 0,9775 (High 24. May), Targets 0.9850 (High-17. May) and 0,9900 (psychological mark). Technical supports are at 0,9700 (psychological mark / Deep 26. May), 0,9640 (Deep 29. To find September) and 0,9600 (psychological mark).

** FXStreet News Editorial, FXStreet**

Leave a Reply