12 Jun 2015
USD/CHF drops below 0.93 on Greek concerns
FXStreet (Mumbai) - The bid tone on the safe haven CHF is strengthening ahead of the weekend, thereby pushing the USD/CHF pair to a session low of 0.9286 as investor sentiment suffered due to Greek concerns.
CHF a favored safe haven?
Greek issue worsened earlier today after IMF exited from the Greek deal talks, thereby triggering risk aversion in the markets. However, most of the safe haven assets are still largely unchanged on the day. Among them, Swiss Franc stands out with 0.26% gains against the USD.
The better-than-expected US Michigan consumer sentiment index – actual 94.6, exp 91.5, has failed to strengthen the USD. The safe haven demand for the CHF is likely to result in the pair finishing the week with losses.
USD/CHF Technical Levels
The immediate support is seen at 0.9250, under which the pair could drop to 0.9232 (June 10 low). On the flip side, a break above 0.93 could see the pair re-test 0.9331 (hourly 50-MA).
CHF a favored safe haven?
Greek issue worsened earlier today after IMF exited from the Greek deal talks, thereby triggering risk aversion in the markets. However, most of the safe haven assets are still largely unchanged on the day. Among them, Swiss Franc stands out with 0.26% gains against the USD.
The better-than-expected US Michigan consumer sentiment index – actual 94.6, exp 91.5, has failed to strengthen the USD. The safe haven demand for the CHF is likely to result in the pair finishing the week with losses.
USD/CHF Technical Levels
The immediate support is seen at 0.9250, under which the pair could drop to 0.9232 (June 10 low). On the flip side, a break above 0.93 could see the pair re-test 0.9331 (hourly 50-MA).