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USD/CHF attempts a recovery to 0.9700

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The Swiss franc is now giving away part of initial gains vs. the greenback, now driving USD/CHF back to the 0.9700 handle.

    USD/CHF lower on risk aversion

    Spot has come lower to test multi-month levels following a renewed wave of risk aversion triggered after a sharp sell off in the European equity markets today. The demand for safe haven currencies like JPY and CHF has hurt the sentiment in the risk-associated space, sending the pair lower.

    Previously, SNB’s T.Jordan was on the wires reiterating the central bank’s readiness to intervene in case of need, while emphasizing the overvalued condition of the Swiss franc.

    USD/CHF key levels

    The pair is now retreating 0.32% at 0.9691 and a breakdown of 0.9523 (low Sep.18 2015) would open the door 0.9473 (low Oct.15 2015) and then 0.9251 (low Aug.24). On the flip side, the next resistance lines up at 0.9936 (100-day sma) followed by 0.9997 (55-day sma) and then 1.0025 (20-day sma).
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