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USD/CHF extends losses below 1.0160

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 24, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - USD/CHF weakened during the American session and dropped further hitting a fresh 2-day low at 1.0144. Currently it trades at 1.0155/60, down 0.27% for the day.

    USD/CHF: double top?

    Last week the pair peaked at 1.0220 and yesterday it rose hitting momentarily levels on top of 1.0220 before turning to the downside. Today it is falling, forming a possible double top pattern. If the formation materializes, a break below 1.0115/20, where the neckline is located, could open the doors of a 100-pip slide.

    Under 1.0100, relevant support levels lie at 1.0090/95 (Nov 10 & 12 highs) and 1.0120. If the pair manages to remain above 1.0120 it could continue to move sideways, consolidating around monthly highs.

    A consolidation on top of 1.0230 could strengthen the US dollar and open the doors for more gains.
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