USD/CHF fails to hold gains

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 21, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - The US dollar failed to hold gains and pulled back against its European peers, completing a round trip o 0.9970 against the franc.

    USD/CHF climbed to an intraday high of 0.9968, but faltered ahead of last week’s top and surrendered gains afterwards. With the downside contained by 0.9905, the pair is currently trading at 0.9925, little changed since opening.

    From a wider view, USD/CHF hovers near the parity level after rallying to 5-year highs above 1.0300 earlier this month, before the ECB hit the brakes on dollar strength. Nevertheless, the Federal Reserve raised rates for first time in almost a decade last week, providing long-term support to the greenback.

    USD/CHF levels to watch

    In terms of technical levels, immediate supports could be found at 0.9890 (10-day SMA), 0.9820 (100-day SMA), 0.9785 (Dec 14 low) and then 0.9755 (Oct 26 low). On the other hand, next resistances are seen at 0.9990 (Dec 17 high), 1.0030/35 (21-day SMA/Dec 4 & 7 highs), and 1.1000 (psychological level).
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