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USD/CHF Bulls back in command, re-takes parity

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The USD/CHF pair resumed its recent bullish momentum and re-attempts 1.00 handle, reversing a temporary reversal seen yesterday.

    USD/CHF rises in sync with USD

    Currently, the USD/CHF pair trades 0.15% higher at 0.9990, easing-off daily highs printed at 0.9998 last minutes. The major recovers sharply from a drop to 0.9975 levels and picks-up significant strength over the last hour, tracking the solid gains on the European equities. The DAX rallies +1.02%, the UK FTSE rises 0.54%, while the pan-European benchmark, the Euro Stoxx 50 climbs +1.12%.

    The renewed bout of buying interest in the USD/CHF pair can be also attributed to the rising demand for the greenback, as compared to its six major peers. The US dollar, gauged by the USD index, gains 0.15% to 98.50.

    Meanwhile, the Swiss was unperturbed by the upbeat Switzerland’s GPD data as all eyes remain on the US private sector employment report due later in the NY session.

    USD/CHF Technical Levels

    To the upside, the next resistance is located at 1.0050 (psychological levels) and above which it could extend gains to 1.0083 (Feb 4 High). To the downside, immediate support might be located at 0.9949/50 (10-DMA/ psychological levels) and below that 0.9900 (round figure).
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