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USD/CHF fails to resist 1.02 handle

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 23, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - Having faced rejection once again near daily highs, the USD/CHF pair turned slightly lower there on and now wavers around 1.02 handle.

    USD/CHF faces strong hurdle at hourly R3

    Currently, the USD/CHF pair rises 0.11% to 1.0196, unable to extend beyond 1.0210-13 band over last couple of hours. The major sheds gains and struggles to hold above 1.02 barrier as the greenback retreats from multi-month highs and trims gains against its six major peers. The USD index fades a spike to 100.03 and now trades at 99.94, up 0.29% on the day.

    Later in the day ahead, the major will be influenced by the upcoming Fed announcement while the US datasets will also have some bearing on USD/CHF. While a host of crucial US economic releases will dominate the week ahead heading into the ECB showdown next week.

    USD/CHF Technical Levels

    To the upside, the next resistance is located 1.0217/22 (daily high/ Nov 18 High) levels and above which it could extend gains to 1.0245 (Jan Highs). To the downside, immediate support might be located at 1.0181 (5-DMA) and below that at 1.0163 (1h 50-SMA).
    For more information, read our latest forex news.

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