USD/CHF: Bulls back in charge, re-takes 1.0100

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 6, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The USD/CHF pair found fresh bids near the daily pivot located at 1.0074 and flipped to gains, now retesting 1.01 barrier on its way to five-week highs.

    USD/CHF takes-out hourly 20-SMA

    Currently, the USD/CHF pair trades 0.12% higher at fresh session highs of 1.0100, jumping-off lows struck at 1.0073, where the daily pivot stands. The rising demand for the US dollar heading into early European trades pushed the USD/CHF higher back towards 1.01 barrier.

    Earlier in Asia, the major remained capped below 1.01 handle as the Swiss franc witnessed higher demand in light of falling Asian equities and on underlying flight to safety theme.

    Looking ahead, markets will take cues from the sentiment on the European stocks amid a data-light EUR calendar, while the main focus remains on plenty of risk events due later in the US session, including the key FOMC minutes.

    USD/CHF Technical Levels

    To the upside, the next resistance is located 1.0131/45 (Jan 5 High/ daily R1) levels and above which it could extend gains to 1.0202 (daily R2). To the downside, immediate support might be located at 1.0044 (5-DMA) and below that 1.0025 (50-DMA).
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