USD/CHF capped below hourly 100-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 2, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The USD/CHF pair continues its struggle to regain hourly 100-SMA located at 0.9880 levels after the European open, as the CHF bulls remain in control following the release of in-line with expectations Switzerland’s retail sales data.

    USD/CHF keeps range on Swiss data

    Currently, the USD/CHF pair loses -0.07% to trade at 0.9871, unable to rise above 0.9880 region, where the daily R2 and hourly 100-DMA coincide. The major came under renewed selling pressure after the Swiss retail sales showed a sharp rebound and stood at 0.2% in Sept versus -0.6% previous, and matched estimates.

    Moreover, the Swiss franc was also boosted by upbeat Oct manufacturing PMI report which came in at 50.7 points versus 50.0 expectations.

    Further, a weak start seen in the European indices further boosted the safe-haven demand for the CHF, while weighing on the riskier currencies such as the US dollar.

    Looking ahead, the sentiment on the European markets will drive the major ahead of the US ISM manufacturing report due to be published in the New York session.

    USD/CHF Technical Levels

    To the upside, the next resistance is located 0.9889/0.9900 (5-DMA/ round number) levels and above which it could extend gains to 0.9959/60 (Oct 28 & 29 High). To the downside, immediate support might be located at 0.9845 (10-DMA) and below that at 0.9800 (round number).
    For more information, read our latest forex news.

Share This Page

free forex signals