USD/CHF: Bulls in control, advances to 1.0065

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 13, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The US dollar prolongs its upward trajectory for the fourth consecutive session versus its Swiss counterpart in the European session, pushing USD/CHF towards the daily R1 placed at 1.0069.

    USD/CHF finds support at hourly 20-EMA at 1.0037

    Currently, the USD/CHF pair trades 0.40% lower at fresh four-day highs of 1.0065, extending higher on the 1.00 handle. The Swiss currency continues to get hammered as the favourable risk sentiment reduces the safe-haven bids, and thus, boosts the USD/CHF rally. The European indices shrugged-off a weak close on the Chinese stocks and extend the rebound in tandem with the oil prices.

    Moreover, the ongoing weakness in the common currency
    on the back of rising greenback, also weighs on the sentiment around the USD/CHF pair. Looking ahead, amid a lack of macro updates in the session ahead, focus remains on the sentiment in the global equities as well as on the oil price movement.

    Meanwhile, the Beige book will be watched for any clue on the Fed’s intention on the interest rates at its meeting later this month.

    USD/CHF Technical Levels

    To the upside, the next resistance is located 1.0088 (Jan 7 High) levels and above which it could extend gains to 1.124/31 (Jan 5 & 6 High). To the downside, immediate support might be located at 1.0016 (50-DMA) and below that 0.9963/61 (Jan 12 Low/ 20-DMA).
    For more information, read our latest forex news.

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