USD/CHF bounces off 1.0160

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 24, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The greenback remains on the back footing vs. its G10 peers on Tuesday, now taking USD/CHF to the 1.0170/60 band, or session lows.

    USD/CHF weaker ahead of US Consumer Confidence

    The pair is deflating from yesterday’s multi-month peaks in the 1.0230 area, although sellers could not break below the 1.0160 level so far. In the meantime, market participants continue to cash up recent strong USD gains, sparking the current leg lower ahead of further US releases.

    Previously, the second revision of the US GDP during the third quarter showed the economy has expanded in line with initial forecasts 2.1% on a yearly basis, while the S&P/Case-Shiller index has risen 5.5% on a year to September, surpassing estimates.

    USD/CHF levels to consider

    As of writing the pair is losing 0.12% at 1.0174 and a breach of 0.9986 (low Nov.12) would expose 0.9817 (55-day sma) and finally 0.9739 (100-day sma). On the other hand, the initial hurdle lines up at 1.0241 (2015 high Jan.14) followed by 1.0300 (psychological level).
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