USD/CHF attempts minor-recovery from 3-week lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The bulls have fought back control this Monday and now drive the recovery in the USD/CHF pair, while the favourable risk tone also underpins.

    USD/CHF: Swiss franc drops amid risk-on

    Currently, the USD/CHF pair trades 0.13% higher near fresh session highs of 0.9844, having found static support at 0.9800. The CHF bulls lost footing versus the US dollar this session after two-days of extensive gains, as the risk-on trades weighed down on the demand for the traditional safe-haven Swiss franc.

    However, the recovery seems fragile as the US dollar fails to pick-up momentum against it’s a six major competitors in the run up to the FOMC showdown, particularly after last week’s slide to four-week troughs.

    Calendar-wise, the day remains absolutely dry and hence, the focus remains on the US economic data and the Fed outcome due later this week.

    USD/CHF Technical Levels

    To the upside, the next resistance is located at 0.9865/68 (5-DMA/ 1h 50-SMA) and above which it could extend gains to 0.9900 (round number). To the downside, immediate support might be located at 0.9804/00 (Mar 10 & 11 Low) and below that 0.9750 (psychological levels).
    For more information, read our latest forex news.

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