USD/CHF climbs to 1-week highs, threatens Oct peak

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 4, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - USD/CHF climbed to 1-week highs during the NY session as the dollar strengthened across the board following better-than-expected US data and comments from Fed Yellen, who reinforced bets of a rate hike in December.

    USD/CHF broke above European session highs and stretched to 0.9949, before finding resistance and settling in a range just below. The advance of USD/CHF faltered just a few pips below its 7-month peak scored last week at 0.9956. At time of writing, the pair is trading at 0.9935, still up 0.29% on the day.

    Yellen reiterated December decision will be data dependant turning all eyes to Friday’s US nonfarm payrolls.

    USD/CHF levels to consider

    As for technical levels, USD/CHF could find next resistances at 0.9956 (Oct 28 & 29 highs), 0.9982 (Mar 19 high) and then 1.0000 (psychological level). On the flip side, short-term supports are seen at 0.9884 (Nov 4 low), 0.9842 (23.6% Fibo of 0.9475-0.9956) and 0.9819 (Oct 28 low).
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