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USD/CHF extends slide, traders ignore SNB

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 17, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Dollar selling continues to push USD/CHF lower as SNB left rates unchanged as expected, providing little reason for traders to attempt catching a falling knife.

    Trades at one-month low

    At 0.9730, the spot is trading at its lowest since February 12. Swiss National Bank (SNB) left key rates unchanged and said it would continue to remain active in FX markets. The outcome matched expectations hence markets continue to offer dollar without hesitation.

    The spot closed below its 200-DMA yesterday and made a weak attempt to chew through offers around the same earlier today before the sell-off resumed.

    USD/CHF Technical Levels

    The immediate hurdle is seen at 0.9788 (200-DMA), above which the pair could target 5-DMA level of 0.9835. A violation there would open doors for 0.9913 (previous day’s high) – 0.9960 (50-DMA). On the lower side, support is seen at 0.9700 handle, which if breached shall expose 0.9661 (Feb 11 low) and 0.9591 (Sep 17 low).
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