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USD/CHF drops as European stocks slide

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The USD/CHF pair surrendered gains to trade around 1.0060 following a drop in the European stocks in early trading.

    Safe haven demand returns

    The traditional safe haven currencies – CHF and JPY – recovered losses against the greenback after an early slide in the European stocks. The currencies had surprisingly dropped to daily lows against the USD earlier today despite the losses in the Asian equities.

    As of now, the Euro Stoxx 50 is down 1.5% and the USD/CHF is hovering around 1.0060. The pair was offered at high of 1.0092. Ahead in the day, the pair is at the mercy of the demand for the safe haven CHF.

    USD/CHF Technical Levels

    The immediate support is seen at 1.0019 (50-DMA + 10-DMA), under which the pair could target 0.9966 (Jan 12 low). On the other hand, a break above 1.0106 (Jan 13 high) would expose 1.0124 (Jan 5 high).
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