USD/CHF grapples with 1.03 handle

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 30, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The USD/CHF trimmed gains to trade around 1.30 handle after having clocked a 5-year high of 1.0328 on Friday on rumours of SNB intervention.

    Rejected at 1.0318

    The pair turned lower from the high of 1.0318 levels. Swiss Franc fell for the sixth consecutive week last week. Friday’s fall in the CHF was on the back of rumors of SNB front running the possible ECB action on this Thursday.

    The traders now await the US housing data and regional manufacturing indices. The oversold nature of the CHF also keeps the doors open for a technical correction.

    USD/CHF Technical Levels

    At 1.03, the immediate support is seen at 1.0240 (Jan 2015 high), under which the losses could be extended to 1.02 levels. On the higher side, a strong resistance is seen at 1.0330 (trendline resistance - July 2012 high to Jan 2015 high), above which the pair could rise to 1.04 levels.
    For more information, read our latest forex news.

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