USD/CHF extends gains above 0.9950

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 23, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - USD/CHF continues to move with an intraday bullish bias and printed a fresh daily high at 0.9945. The pair has erased yesterday’s losses and even climbed above its highs. It was trading on top of 0.9940.

    A stronger greenback across the board pushed the pair to the upside. With today’s rally it has risen above the level it opened the week and ended a streak of three declines in a row.

    USD/CHF to test 0.9990?

    Greenback improved the short-term technical outlook against the Swiss franc and if it continues to rise it could likely approach the parity level. Between 0.9985 and 1.0000 there is a strong resistance area that capped the upside last week and also now appears in that zone the 20-day moving average. In order to clear the way for more gains, USD/CHF needs to break and consolidate on top. To the downside, the support level to watch continues to be 0.9800.

    With volatility at low levels and with markets headed toward a holiday (Friday) and a shortened trading day (Thursday) it seems difficult for the pair to move sharply.
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