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USD/CHF deep in the red, around 100-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 15, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The US dollar reversed more than half of previous gains and keeps pushing lower against its Swiss rival in the early European session, with USD/CHF now heading towards 0.98 handle.

    USD/CHF forms lower tops on daily charts

    Currently, the USD/CHF pair trades -0.33% lower at 0.9817, retreating sharply from 0.9865 highs. The major failed to sustain at higher levels in Asia and extends the weakness into Europe on the back of persisting US dollar softness across the board, with markets repositioning heading into the Fed meeting that commences later in today.

    In addition, the demand for safe-havens such as the CHF is on the rise on the back of continued selling seen in the Asian equities and a cautious start expected on the European bourses, which weighs further on the USD/CHF pair.

    Meanwhile, markets now await the European open for further momentum ahead of the US CPI report due for release in the NY session.

    USD/CHF Technical Levels

    To the upside, the next resistance is located 0.9860 (hourly 100-SMA) levels and above which it could extend gains to 0.9900 (round number). To the downside, immediate support might be located at 0.9806 (daily S1) and below that 0.9787 (Dec 14 Low).
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