USD/CHF faces stiff resistance near 0.9950

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 halted a 4-day decline and regained lost ground somewhat on the back of ongoing recovery in the USD across the board.

    USD/CHF holding firmly above 0.99 handle

    Currently, the USD/CHF pair trades 0.14% higher at 0.9942, trying hard to extend beyond 0.9950 region. The major took a pause in its downward spiral and now attempts a minor recovery alongside the greenback. The USD index trades 0.08% higher at 96.60.

    However, the recovery seems fragile as the risk conditions remain pressured, with oil prices pushing slightly lower and markets wary ahead of the much awaited US payrolls data due later in the NY session.

    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 1.0003/27 (50-DMA/ 1h 50-SMA). 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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