USD/CHF edges up on risk-off trading, aiming for 0.8575
|- The edges up on risk aversion but remains trapped within previous ranges.
- Trading is light with US markets closed on bank holidays.
- USD/CHF is on a corrective recovery, aiming for 0.8575 and 0.8665.
The US Dollar is going through a moderate recovery against the Swiss Franc on Monday. The Dollar Index is trimming some losses, favoured by the sourer market sentiment although it remains trapped within previous ranges.
The USD Index remains capped below the 102.75 resistance area, which is coincident with the USD/CHF’s 0.8575 level. The weaker market sentiment is providing some support to the safe-haven USD yet, trading volume is light with US markets closed on bank holidays.
The economic docket is empty today. In the US, on Tuesday, the New York Fed Empire State Manufacturing Index might provide some guidance for traders, although the highlights will be Wednesday’s Retail Sales and Friday’s Michigan Consumer Sentiment Index.
The pair is now in a corrective recovery after having depreciated nearly 10% in the last quarter of 2023. Immediate resistance is the mentioned 0.8575 and above here, the 38.2% Fibonacci retracement of the mentioned decline, at 0.8665.
Supports are 0.8460 and December’s low at 0.8325.
Technical levels to watch
This news was edited on January 15 at 14:05 GMT to correct the date of the US New York Fed Empire State Manufacturing Index, which is due on Tuesday and not on Monday as previously stated.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.