USD/CHF falls to near 0.9700 after US data

USD/CHF fell to fresh 9-day lows as the greenback fell sharply on the back of disappointing US retail sales data for July.

US retail sales held steady at a seasonally adjusted $457.73 billion in July, below expectations of a 0.4% rise. Separated data showed PPI contracting 0.4% in July, while core prices dropped 0.3% in the same period, both missing expectations.

USD/CHF dropped over half a cent following the release and hit a low of 0.9707 before finding support and recovering a few pips. The pair was last trading at 0.9720, still 0.34% below its opening price. 

USD/CHF technical levels

On the downside, next supports could be found at 0.9700 (psychological level), 0.9663 (Aug 1 low) and 0.9632 (Aug 2 low). On the other hand, resistances line up at 0.9745 (50-day SMA), 0.9765 (Aug 12 high) and 0.9793 (20-day SMA).