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USD/CHF fails to sustain daily gains

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 12, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - USD/CHF made another attempt to break above the 1.0085/90 area during the European session, but was rejected once again and pulled back to the flat line, with the latest round of US data having virtually no effect on the greenback.

    US initial jobless claims came in at 276K in the week ended Nov 6, slightly above the 270K expected by analysts. However, USD/CHF continued to steadily trade around 1.0040.

    USD/CHF rose to a daily peak of 1.0084, but stalled a few pips shy its March high of 1.0089, and erased intraday gains over the last hours.

    USD/CHF technical levels

    On the upside, immediate resistances are seen at 1.0089 (Mar 12 high), 1.0126 (Mar 12 high) and then 1.0239, which is the 2015 high scored on Jan 14 pre-SNB shocker. On the downside, supports could be found at 0.9997 (Nov 9 low), 0.9943/41 (Nov 6 low/23.6% Fibo of 0.9475-1.0085) and 0.9920 (Nov 5 low).
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