USD/CHF breaks below Fib support

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The bid tone on the CHF remains intact, which pushed the USD/CHF pair below 0.9902 (50% of 0.9476-1.0328).

    Rejected at 38.2% fib

    The pair fell to 0.9902 last week, followed by a recovery and failure to take out 1.00 (38.2% of 0.7476-1.0328) on a daily closing basis. Fresh offers hit the pair after it failed to sustain above 1.00 on Tuesday and fell to 0.9902 levels today.

    The CHF’s regional safe haven status helped it strengthen amid risk-off in the equities. The traders now await the SNB decision due tomorrow. The bank is widely expected to keep key policy tools unchanged.

    USD/CHF Technical Levels

    The pair hit a low of 0.9896 and trades around the same. A re-test of 0.9944 (daily high) could be seen if the spot manages to move back and sustain above 0.9902 (50% of 0.9476-1.0328). On the other hand, a failure to move back above 0.9902could lead to a further drop to 0.9875 (Dec 3rd low).
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