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USD/CHF extends the drop, collapses near 1.0000

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The softer tone in the US dollar remains well and sound today, now dragging USD/CHF to test the psychological support at the parity level.

    USD/CHF in 2-week lows

    The pair is retreating since Monday, shedding more than two big-figures after being rejected from recent highs in the 1.0250/60 band.

    Poor results from the US docket plus dovish comments by New York Fed’s W.Dudley have been hurting the dollar in the last couple of sessions, impacting at the same time on market expectations of a rate hike by the Fed at its meeting in March.

    USD/CHF relevant levels

    The pair is now losing 0.33% at 1.0010 facing the next support at 0.9935 (100-day sma) followed by 0.9914 (76.4% Fibo of 1.0335-0.9784) and then 0.9877 (low Jan.11). On the other hand, a surpass of 1.0088 (20-day sma) would open the door to 1.0206 (high Jan.26) and finally 1.0262 (high Jan.29).

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