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USD/CHF drops to key support on SNB’s Jordan

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 20, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The USD/CHF wiped-out gains and dropped sharply to lows in early Europe, in response to the comments from the Swiss National Bank (SNB) Chief Jordan.

    USD/CHF tested Thursday’s low

    Currently, the USD/CHF pair trades almost unchanged at 1.0130, retracing slightly from fresh session lows struck at 1.0123 in last hours. The major extends its slide from near multi-month highs into a second straight session as the directionless trading seen in the greenback fail to provide any impetus.

    Moreover, the latest comments from SNB’s President on the CHF lifted the Swiss franc further, thereby keeping USD/CHF undermined. SNB’s President Thomas Jordan reiterated that Franc is overvalued and an overvaluation is corrected over time, remains to be seen when.

    In absence of economic data in the day ahead, the major will track cues from the sentiment on the European and US stocks.

    USD/CHF Technical Levels

    To the upside, the next resistance is located 1.0200 (round number) levels and above which it could extend gains to 1.0221 (Nov 18 High). To the downside, immediate support might be located at 1.0096 (10-DMA) and below that at 1.0064 (Nov 17 Low).
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