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USD/CHF breaks below 0.9700

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 7, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - USD/CHF extended weakness and broke below the 0.9700 level during the New York session amid a bout of dollar selling across the board.

    USD/CHF was already trading on the defensive following supportive Swiss CPI and disappointing US trade data before selling interest hit the greenback again. USD/CHF fell further and scored a low of 0.9669 before finding support and settling near lows. At time of writing, the pair is trading at 0.9685, recording a 0.69% loss on the day.

    USD/CHF technical levels

    In terms of technical levels, immediate supports are seen at 0.9644 (Oct 2 low), 0.9600 (psychological level) and 0.9557 (100-day SMA). On the upside, resistances line up at 0.9766 (Oct 6 high) and 0.9794 (Oct 2 high) ahead of 0.9815 (Sep 28 high).
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