USD/CHF extends losses for 5th straight session

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    USD/CHF resumed the ongoing bearish momentum and fell further into the red towards 0.99 handle, headed for the first weekly loss in four.

    USD/CHF languishes near 0.9909, fresh session lows

    Currently, the USD/CHF pair trades -0.10% lower at 0.9920, having found renewed bids at 0.9909 levels. The major stalled its corrective rally just ahead of 0.9950 levels and reverted to the negative territory as the demand for the traditional safe—haven, the CHF, increased amid wide-spread cautiousness ahead of the main highlight for the week, the US payrolls data.

    Markets remain on the side-lines and clear out positions as the US jobs data is likely to create huge volatility, especially as today’s report is expected to have major impact on the Fed’s monetary policy outlook. Markets are expecting the US economy to add 190k jobs last month, against a stellar 292k jobs additions seen in Dec.

    USD/CHF Technical Levels

    To the upside, the next resistance is located 0.9979/78 (100-DMA/ daily pivot) and above which it could extend gains to 1.0011/03 (1h 50-SMA/ 50-DMA). To the downside, immediate support might be located at 0.9900 (psychological levels) and below that 0.9877/73 (Jan 11 Low/ daily S1).
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