USD/CHF unmoved by upbeat Swiss data

FXStreet (Mumbai) - USD/CHF recovered partial losses and remained in red in the European session, little affected by upbeat Swiss GDP data, while US dollar continues to extend losses across the board.

USD/CHF trades above 0.9550

Currently, the USD/CHF trades lower by -0.15% at 0.9568 levels, moving away from fresh seven-week highs posted at 0.9601 levels in the previous session. The pair remained lower dragged down by a broadly weaker US dollar. The US dollar index, which measures the relative strength of the greenback against six major currencies, retreats from close to multi-year highs and traded at 95.37 levels, down -0.16% on the day.
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Meanwhile, USD/CHF remained unmoved by better than forecast Switzerland’s GDP data which showed that Economic output in Switzerland revealed a 0.6% increase in the reported quarter, following a revised 0.7% growth reported in the third quarter. Market consensus had bet on 0.3% growth. GDP y/y rose 0.9% in the third quarter, accelerating from 1.9% growth seen in the previous quarter and above projections of a 1.7% rise.

USD/CHF Technical Levels

To the upside, the next resistance is located at 0.9601 levels and above which it could extend gains to 0.9650 levels. To the downside, immediate support might be located at 0.9526 levels and below that at 0.9495 levels.