USD/CHF eases-off two-week high in sync with USD index

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The USD/CHF pair ran through offers near 0.9680 region and now turns negative as the spot mirrors the greenback’s moves against its major rivals.

    USD/CHF flat-lined above 0.9660

    Currently, the USD/CHF pair trades modestly flat at 0.9666, retreating from fresh two-week tops printed yesterday at 0.9688. The major is seen consolidating the upside in an extremely slim range and now comes under renewed selling pressure, as the US dollar wipes-out minor gains and turns in the negative territory against a basket of currencies.

    Moreover, markets appear to have ignored optimistic Chinese macro releases and remain cautious amid persisting mixed sentiment heading into weekend’s oil producers’ meeting in Doha on output freeze talks. Meanwhile, all eyes remain on a fresh batch of US macro data for fresh direction.

    USD/CHF Technical Levels

    To the upside, the next resistance is located at 0.9700 (round number) and above which it could extend gains to 0.9776 (50-DMA). To the downside, immediate support might be located at 0.9629/20 (20 & 5-DMA) and below that 0.9600 (psychological levels/ 1h 100-SMA).
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