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USD/CHF: Bulls in control, extends beyond 1.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 7, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - USD/CHF extends its recovery mode from post-ECB slump and now heads higher in a bid to regain 1.00 handle on improved risk-sentiment backed by positive equities.

    USD/CHF trades above 5-DMA

    Currently, the USD/CHF pair trades 0.51% higher at 1.0019, hovering close to fresh session highs reached at 1.0022 last minutes. The bid tone surrounding the USD/CHF pair keeps growing bigger heading towards mid-European session as the US dollar continues to ride higher against its major competitors amid upbeat US NFP report and a Fed rate hike done deal next week.

    Moreover, the Swiss franc also tracks heavy losses in the EUR/USD pair which continues to boost further upside in USD/CHF. Meanwhile, nothing of relevance for the major in is expected to be reported in the day ahead, and therefore, the focus now remains on the SNB policy decision due later this week.

    USD/CHF Technical Levels

    To the upside, the next resistance is located 1.0041 (Dec 4 High) levels and above which it could extend gains to 1.01 (round number). To the downside, immediate support might be located at 0.9985 (1h 20-SMA) and below that 0.9945 (50-DMA).
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