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USD/CHF consolidating above parity

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - USD/CHF gained momentum during the American session boosted by a stronger US dollar and rose further above 1.0000, moving toward January highs.

    USD/CHF: Rebound from 0.9880 continues

    Yesterday the pair completed a 240-pip correction from January highs located at 1.0120 and bottomed at 0.9880. From there rebounded and rose back above the parity level. The rally was capped by 1.0025 (Jan 11 and Asian session high) but after a brief decline below 1.0000, resumed the upside.

    During the American session broke above 1.0025 and peaked at 1.0045, hitting the strongest level since last Friday while stocks continued to move to the downside, trimming gains. The Dow Jones now is at the same level it closed yesterday, after erasing a 200-point gain.

    USD/CHF technical levels


    To the upside, immediate resistance might be seen at 1.0045/50 (Jan 11 & 12 high), 1.0070 and 1.0120/25 (Jan 5 & 6 high). On the opposite direction, support levels could be located at 1.0025 (Jan 11 high), 0.9965 (daily low) and 0.9940 (20-day MA).
    For more information, read our latest forex news.
     

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