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USD/CHF collapses to 0.9830

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 11, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The greenback is now plummeting in response to a bout of selling pressure around the dollar, dragging USD/CHF to test fresh lows near 0.9830.

    USD/CHF weaker on USD slump

    The selling interest around the pair is gathering further traction today after the greenback has reacted adversely to the PBoC intentions of weakening further the Chinese currency.

    Data wise, USD practically ignored auspicious releases from the US docket, where headline Retail Sales have expanded 0.2% in November and Core sales have gained 0.4% during the same period, all ahead the Reuters/Michigan index due later.

    USD/CHF relevant levels

    As of writing the pair is down 0.46% at 0.9834 and a breach of 0.9807 (100-day sma) would aim for 0.9655 (200-day sma) and then 0.9473 (low Oct.15). On the flip side, the next hurdle aligns at 1.0000 (psychological level) followed by 1.0038 (high Dec.7) and finally 1.0335 (2015 high Nov.27).
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