USD/CHF bounces-off lows ahead of 0.9900

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 19, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The risk-off sentiment witnessed in Asia appears to extend into the European trades, with the demand for the traditional safe-haven CHF on the rise as the European stocks fluctuate between gains and losses.

    USD/CHF retreats from 8-day highs

    Currently, the USD/CHF pair trades -0.12% lower at 0.9917, recovering from a brief dip to fresh session lows reached at 0.9903. The major brought an end to its five consecutive sessions of gains and edged lower on Friday as this week’s risk-on market profile took a hit after oil prices turned back in the red and boosted the safe-haven bids for the Swiss franc.

    The USD/CHF pair keeps losses and struggles to regain 0.9930 arena, as the markets remain wary amid the ongoing EU Summit, with Brexit issue remaining the key focus. While the US dollar also trades subdued against its major competitors ahead of the upcoming US CPI report, offering little support to USD/CHF.

    USD/CHF Technical Levels

    To the upside, the next resistance is located 0.9948/50 (Feb 17 High/ round number) and above which it could extend gains to 0.9990/1.0004 (50 & 100-DMA). To the downside, immediate support might be located at 0.9903/00 (daily low/ round number) and below that 0.9861/49 (Daily S2/ Feb 17 Low).
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