USD/CHF fails near daily pivot, drops to 0.9870

FXStreet (Mumbai) - The USD bulls failed to extend beyond daily pivot and lost complete control in the European morning, now pushing USD/CHF to fresh session lows near 0.9870 region.

USD/CHF back below 0.99 handle

Currently, the USD/CHF pair loses -0.16% to trade near fresh session lows struck at 0.9871 last minutes. The major remains pressured as the US dollar continues to lose ground against its major rivals after the US GDP and pending home sales data disappointed USD bulls big time.

Moreover, the Swiss franc strengthens versus the buck, despite the drop in the economic barometer. The KOF Economic Research Agency stated that its economic barometer fell to 99.8 in Sept, from 100.3 in Aug.

Later today, a slew of US economic data will dictate further moves in the US dollar, and may have major impact on USD/CHF.

USD/CHF Technical Levels

To the upside, the next resistance is located 0.9907/11(Today’s High/ daily pivot) levels and above which it could extend gains to 0.9959/60 (Oct 28 & 29 High). To the downside, immediate support might be located at 0.9833 (daily S2) and below that at 0.9800 (round number).