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USD/CHF fades a spike to 0.9870, back below 1h 50-MA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 14, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The renewed rally in the USD/CHF pair fizzled just ahead of 0.9870 region and the price reverted to the familiar range near the mid-point of 0.98 handle, where it now wavers.

    USD/CHF failed to sustain above hourly 50-SMA at 0.9864

    Currently, the USD/CHF pair trades 0.26% higher at 0.9854 quickly faded a spike to fresh session highs clocked at 0.9872. The major faltered above hourly 50-SMA and turned back lower, despite persisting broad based USD strength. The US dollar index rises 0.34% and now tests 98 barrier.

    The renewed buying interest seen in the major waned as the European stocks eased-off highs and trimmed gains, offering some respite to the CHF bulls. The German DAX gains 0.51% at 10,392, retreating from 10,446 highs, while the UK’s FTSE reverted below 6k mark, advancing 0.60% on the day.

    Meanwhile, the sentiment on the European and the US indices will be closely tracked amid lack of fresh fundamental triggers in the day ahead. Later this week, the FOMC meeting takes centre stage with all eyes on the US interest rates decision.

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    USD/CHF Technical Levels

    To the upside, the next resistance is located 0.9885 (hourly 100-SMA) levels and above which it could extend gains to 0.9900 (round number). To the downside, immediate support might be located at 0.9821/15 (100-DMA/ Dec 9 Low) and below that 0.9799 (Dec 11 Low).
    For more information, read our latest forex news.

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