USD/CHF drops to fresh 2-week lows near 0.9570

FXStreet (Mumbai) - The US dollar continues to lose ground versus the Swiss franc in the European morning, now pushing USD/CHF further towards 0.9570 levels.

USD/CHF surrenders 0.96 handle

Currently, the USD/CHF pair trades -0.21% lower at 0.9678, languishing near fresh 2-week lows reached at 0.9572 some minutes ago. The offered tone around the USD/CHF pair keeps growing bigger, as the prevalent risk-off market profile continues to favour the safe-haven demand for the Swiss franc at the expense of the greenback.

Moreover, the US dollar resumes its post-FOMC downward momentum against its major peer, which also adds to the losses in USD/CHF. Thursday's FOMC meeting suggested rate hikes are not coming as soon as some market participants had expected.

USD/CHF Technical Levels

To the upside, the next resistance is located at 0.9625 (Today’s High) levels and above which it could extend gains to 0.9675 (Aug 20 High) levels. To the downside, immediate support might be located at 0.9508 (Aug 27 Low) levels and below that at 0.9436 (July 15 Low) levels.