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USD/CHF faces rejection near 1.02 and retreats

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 19, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The USD/CHF pair sees a corrective slide in the mid-Asian session, having recorded fresh ten-month highs in the last NY session.

    USD/CHF fails near 1.0190

    Currently, the USD/CHF pair drops -0.33% to 1.0164, retreating slightly form fresh session lows struck at 1.0150 in last hours. The major came under renewed selling –pressure as markets resorted to profit-taking after four consecutive sessions of gains, leading the Swissie to the highest levels since the SNB shocker in Jan.

    However, the main driver for the fresh sell-off in USD/CHF is the ongoing correction in the US dollar against its major competitors in response to Wednesday’s Fed minutes, which failed to deliver new surprises and reiterated the same tune from the Fed Oct 28 policy statement. The USD index drops -0.36% to 99.30.

    Nothing of great relevance for the CHF in the session ahead, and therefore, the upcoming US data remains in spotlight.

    USD/CHF Technical Levels

    To the upside, the next resistance is located 1.0200 (round number) levels and above which it could extend gains to 1.0245 (Jan Highs). To the downside, immediate support might be located at 1.0133 (5-DMA) and below that at 1.0129/28 (March high/ Nov 18 Low).
    For more information, read our latest forex news.
     

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