The USD/CHF pair finds cushion near the round-level support of 0.8900 in Wednesday’s New York session.
USD/CHF gains ground near 0.8900 as the USD Index holds key support of 104.00. Weak US ADP Employment has limited the US Dollar’s upside. The SNB is expected to interveneamid fears that the weak Swiss Franc could revamp inflation again. The Swiss Franc asset finds support even though there is a firm speculation that the Swiss National Bank will intervene in currency markets to support the Swiss Franc. The Swiss Franc is up 3.
USD/CHF discovers buying interest near the horizontal support plotted from February 14 high at 0.8886. Earlier, the Swiss Franc asset weakened after breaking below the horizontal support marked from April 5 near 0.9000, which has become a major resistance for the US Dollar bulls. The overall trend is bearish as the major stays below the 50- and 200-day Exponential Moving Averages , which trade around 0.9038 and 0.8590, respectively.
Supportresistance Fed SNB Employment
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