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USD/CHF falls to 2016 lows near 0.9650

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 17, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The increasing selling pressure hitting the greenback has dragged USD/CHF to post fresh YTD lows in the mid-0.9600s so far.

    USD/CHF weaker on Fed

    The pair has been losing ground for the second session in a row so far, exacerbating the downside after being rejected from post-ECB multi-week tops in the 1.0100 neighbourhood.

    The unexpected dovish stance from the Fed at its meeting on Wednesday has sparked a massive wave of USD-selling, which has spread into the European session today and sent the dollar lower across the board.

    Back to Switzerland, the SNB has left its monetary stance unchanged, universally in line with market expectations.

    USD/CHF key levels

    The pair is now retreating 1.13% at 0.9656 facing the next support at 0.9523 (monthly low Sep.18 2015) followed by 0.9473 (monthly low Oct.15 2015) and finally 0.9251 (monthly low Aug.24 2015). On the other hand, a breakout of 0.9906 (20-day sma) would expose 0.9969 (55-day sma) and finally 1.0098 (post-ECB high Mar.10).
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