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USD/CHF fades a spike to 0.9980, highest since March

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 5, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - A sudden rally in USD/CHF fizzled near hourly 200-SMA and the prices drifted lower, now hovering around Oct high at 0.9961 levels.

    USD/CHF rejected at hourly 200-SMA

    Currently, the USD/CHF pair gains 0.28% to trade at 0.9960, easing-off fresh seven-month highs recorded at 0.9979 in last hours. The major trimmed gains as the US dollar gave away gains and now trades muted against its major competitors. The greenback, although remains underpinned by increased Dec Fed rate hike bets after Wednesday’s Yellen’s hawkish comments.

    However, USD/CHF remains supported on the back of poor Swiss CPI data, which keeps the Swiss franc undermined. Switzerland’s CPI posted a 0.1% reading in Oct, unchanged from the previous month. Meanwhile, markets now await US jobs data for further momentum on the pair.

    USD/CHF Technical Levels

    To the upside, the next resistance is located 0.9977/79 (Today’s High/ 1h 200-SMA) levels and above which it could extend gains to 1.1000 (Parity). To the downside, immediate support might be located at 0.9922 (Today’s Low) and below that at 0.9895 (100-DMA).
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