USD/CHF ends 7-day losing streak, rises to 0.9750

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 10, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    A renewed risk-on wave appears to hit Europe, with markets cheering the oil prices recovery and preferring to hold the risk currency USD at the expense of the Swiss franc.

    USD/CHF rises to fresh session highs

    Currently, the USD/CHF pair trades 0.17% higher at fresh session highs of 0.9749, having found renewed bids near 0.9720 region. The major picked-up significant strength post-European open and attempts a minor-recovery, halting a week-long downward spiral, on the back of improving risk sentiment, which diminishes the demand for safe-havens such as the CHF.

    Moreover, the solid pullback staged by the US dollar against its major peers from 4-month lows also collaborates to the upside in the USD/CHF pair. The US dollar rises 0.17% to 96.19. Meanwhile, the US dollar is expected to remain buoyed ahead of the Fed Chair Yellen’s testimony and therefore, would support the recovery in USD/CHF.

    USD/CHF Technical Levels

    To the upside, the next resistance is located 0.9808/11 (200-DMA/ 1h 50-SMA) and above which it could extend gains to 0.9879 (1h 100-SMA). To the downside, immediate support might be located at 0.9700 (round number) and below that 0.9660/50 (daily S1/ psychological levels).
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