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USD/CHF: Bulls in command, 0.9950 on sight

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 31, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The USD/CHF pair reverses a brief drop seen yesterday and extends its bullish run beyond 0.99 barrier, with bulls looking for a test of 0.9950 levels.

    USD/CHF: US data in focus

    Currently, the USD/CHF pair trades 0.35% higher at 0.9923, easing-off fresh session highs printed at 0.9938 in the recent dealings. The major keeps pushing higher as we head towards the final American session of this year, largely bolstered by a fresh bout of profit-taking after the recent weakness.

    Moreover, the US dollar swung back higher on the bids against its major competitors amid an improving risk environment, spurred by stabilizing oil markets. The US dollar index gains 0.14% and trades around 98.45 levels. In the session ahead, focus remains on the US weekly jobless claims and Chicago PMI for further USD moves.

    USD/CHF Technical Levels

    To the upside, the next resistance is located 0.9943 (Dec 29 High) levels and above which it could extend gains to 0.9974 (Dec 21 High). To the downside, immediate support might be located at 0.9868 (100-DMA) and below that 0.9819 (daily S2).
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