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USD/CHF back to daily lows, consolidates weekly losses

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - USD/CHF bottomed at 0.9585 earlier, hitting the lowest level since September 18 and then bounced to the upside. The recovery was capped below 0.9630 and it dropped back toward the lows.

    Currently it trades around 0.9600, falling for the second day in a row and consolidating a weekly decline of approximately a hundred pips.

    A weak US dollar across the board pushed the pair to the downside on Friday and also yesterday amid signals that the Federal Reserve is less likely to raise rates during 2015. Today’s comments from some Fed official, among them William Dudley, from the NY Fed, that said it was still likely a rate hike during 2015, failed to boost the US dollar.

    Another rejection from above 0.9800

    USD/CHF is about to post the second weekly decline in a row and the lowest close since mid-August. Last week it traded above 0.9800 but it was rejected, like it happened during September.

    The failure to rally above 0.9800 opened the doors to the current corrective decline. The weekly chart shows an important support area at 0.9550 where the 20 and 55 Moving averages currently strand.
    For more information, read our latest forex news.
     

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