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USD/CHF extends decline to 0.9955

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - USD/CHF resumed the decline after a short-lived recovery and dropped further below the parity level. The pair reached a fresh 3-day low at 0.9953. During the last two hours the Swiss franc has been the best performer across the board.

    USD/CHF: Worst day in a month

    The pair losing more than a hundred pips today and is back below the level it had at the beginning of the year, having the worst daily performance acne in a month.

    The bearish correction of the pair accelerated today amid a global sell-off in equities. The Dow Jones is down 2.18% and the Nasdaq falls 2.79%. Risk aversion favored the Swissy, the euro and the yen in particular.

    Near key support

    Today USD/CHF is falling for the second day in a row and it lost momentum after being unable to consolidate above 1.0100. Price has approached a key area that support the bullish outlook of the pair that stands between 0.9915 and 0.9880.

    The 20-day moving average currently stands at 0.9915 while below, at 0.9880 an uptrend line, from October lows is seen. A consolidation under 0.9880 would remove the bullish bias and could open the doors to more losses.
    For more information, read our latest forex news.

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