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USD/CHF back to square one

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 29, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    USD/CHF completed a round trip to above the parity level as the dollar weakened versus the franc following disappointing Chicago PMI and pending home sales data.

    USD/CHF came under pressure and dropped all the way back to the 0.9965 zone, where it trades virtually unchanged on the day, after being rejected from a peak of 1.0037.

    On the data front, Chicago PMI came in at 47.6, below the 53.0 expected while pending home sales fell 2.5% in January, below the 0.5% increase of forecast.

    USD/CHF technical levels

    In terms of technical levels, USD/CHF could find next resistances at 1.0037 (Feb 29 high), 1.0073 (Feb 4 high) and 1.1100 (psychological level). On the other hand, supports are seen at 0.9870 (Feb 26 low), 0.9852 (Feb 24 & 17 lows) and 0.9757 (200-day SMA).
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