USD/CHF attempts tepid-bounce from 7-week low

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 9, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The bears took a breather from the ongoing downward spiral, allowing an anaemic recovery in the USD/CHF pair towards the mid-point of 0.98 handle.

    USD/CHF reverses from 0.9820 region

    Currently, the USD/CHF pair trades 0.13% lower at 0.9856, recovering from fresh seven-week lows reached at 0.9823 earlier in Asia. The major is seen making minor recovery attempts, although struggles to extend beyond 0.9860 region, as risk-off still remains at play and keeps the demand for the traditional safe-haven CHF underpinned.

    Moreover, the recent panic selling seen in the USD across the board on dwindling Fed rate hike bets this year, also collaborates to the seven straight session of losses in the USD/CHF pair.

    Later today, in absence of significant macro data, the major will continue to track the broader market sentiment. While amid second-liner data, the Swiss and US employment data will be watched.

    USD/CHF Technical Levels

    To the upside, the next resistance is located 0.9896/99 (daily pivot/ 5-DMA) and above which it could extend gains to 0.9943/47 (30 & 29 Dec High). To the downside, immediate support might be located at 0.9823/06 (daily low/ 200-DMA) and below that 0.9753/50 (daily S2/ psychological levels).
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