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USD/CHF drops further to test 0.9900 on upbeat Swiss data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Having failed to resist above parity, the USD/CHF pair was heavily sold-off into persistent risk-off environment and upbeat Swiss employment data.

    Swiss franc emerges one of the best performers

    Currently, the USD/CHF pair trades -0.35% lower at 0.9918, having posted fresh session lows at 0.9912 last minutes. The USD/CHF pair came under renewed selling pressure over the last hour after the Swiss jobless rate bettered expectations and added to the positive sentiment around the Swiss currency. Switzerland’s jobless rate remained steady at 3.4 % m/m, bettering expectations of 3.5%.

    The major remains weak as risk-off sentiment extends into markets after poor China’s trade figures spooked markets and increased flighty to safety, thus, benefiting the safe-haven CHF. Later today, the major will get influenced by the Swiss CPI and the sentiment around stocks and oil.

    USD/CHF Technical Levels

    To the upside, the next resistance is located at 1.0000 (parity) and above which it could extend gains to 1.0050 (psychological levels). To the downside, immediate support might be located at 0.9900 (psychological levels) and below that 0.9867 (Feb 26 Low).
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