USD/CHF fast approaching 2-1/2 month highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 27, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The offered tone on the CHF once again gathered pace in Europe, pushing the USD/CHF higher and closer to its highest level since August 12.

    Resistance at 0.9844

    The spot is within touching distance from the resistance at 0.9844 (Sep 25 high). The bid tone on the pair appears strong enough to chew through offers around 0.9844 and print 2-1/2 month high. The negative action in the stock markets is doing little to avoid the drop in the safe haven CHF.

    Ahead in the US session, the durable goods reports could influence the fed rate hike bets and accordingly affect the demand for the US dollars.

    USD/CHF Technical Levels

    At 0.9835, the immediate resistance is located at 0.9844 (Sep 25 high), above which the pair could rise to 0.9903 (Aug 11 high). On the other side, support is seen at 0.98-0.9794 (hourly 50-MA) and 0.9718 (hourly 100-MA).
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