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USD/CHF extends recovery towards 0.9950

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    USD/CHF snapped five consecutive days of losses and extends its recovery mode into Europe, as the US dollar remains well bid against its major rivals.

    USD/CHF hovers around hourly 20-SMA at 0.9930

    Currently, the USD/CHF pair trades 0.28% higher at 0.9935, having posted fresh session highs at 0.9942 some minutes ago. The major is seen fighting hard to extend beyond 5-DM at 0.9951 amid a broadly higher US dollar and better risk environment. The greenback, gauged by the USD index, trades 0.12% higher at 97.08.

    The US jobs-driven gains continue to support the US dollar, while reduced demand for safe-havens such as the CHF also aids the recovery in USD/CHF. Amid sparse macro calendar in the week ahead and thin trading as China remains closed until next Monday, oil will continue to lead the markets.

    USD/CHF Technical Levels

    To the upside, the next resistance is located 0.9987/78 (100-DMA/ daily pivot) and above which it could extend gains to 1.0000/06 (50-DMA). To the downside, immediate support might be located at 0.9900 (psychological levels) and below that 0.9880/77 (Feb 5 & Jan 11 Low).
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