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USD/CHF falters near Wednesday’s high, but holds above 1.02

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - A sudden rally in USD/CHF lost legs near Wednesday’s highs and the USD/CHF retreated slightly from near ten-month peaks to trade near 1.0205 region.

    USD/CHF extends recovery from 1.0100

    Currently, the USD/CHF pair rises 0.19% to 1.0206, retreating from fresh session highs of 1.0217 levels. The major deflates from highs and trims gains after the USD bulls took a breather from the renewed rally experienced in early Asia.

    The greenback rallied to the highest levels in seven-months against its major competitors in last hours after the USD bulls were boosted by Fed’s Williams hawkish comments and also by increased Fed rate hike bets, refuelled by the latest chatter that Fed is expected hike discount rates today.

    Meanwhile, persisting weakness in the EUR across the board also dragged the Swiss franc lower against its American rival. EUR/USD drops -0.30% to 1.0615, lowest levels since April this year.

    Looking ahead, the major will continue to take cues the sentiment on the global equities before the release of a set of US macro data due later in the NY session.

    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 1.0184 (5-DMA) and below that at 1.0163 (1h 50-SMA).
    For more information, read our latest forex news.
     

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