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USD/CHF extends gains above 1.0150

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 18, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - A weak Swiss Franc and a resilient US dollar continued to push USD/CHF to the upside. The pair rose further during the American session and reached a fresh 10-month high at 1.0171. Then pulled back and it was trading at 1.0155/60, up 0.62% for the day.

    Greenback is rising for the third day in a row and during the last 30 days climbed almost 700 pips to trade at the strongest level since January when the Swiss franc jumped in the markets after the Swiss National Bank (SNB) announced the end of the 1.20 cap on EUR/CHF.

    Bullish, eyeing 1.0200

    USD/CHF momentum remains biased toward the US dollar as well as technical indicators, with many of them, like the daily RSI showing extreme overbought readings, although still no signs of a correction. Price is holding up well above previous key resistance levels like 1.0070 and 1.0100.

    If it continues to rise, potential resistance levels might lie at 1.0200 (psychological level), 1.0220 (January 8, 9 highs) and 1.0240 (2015 high).
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