USD/CHF heads towards post-BOJ highs above 1.02

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 29, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The USD/CHF pair extends its vertical rise post-BOJ decision into the European session, now struggling hard to regain 1.02 barrier.

    USD/CHF sees a 70-pips rally

    Currently, the USD/CHF pair trades 0.55% higher at fresh session highs of 1.0195, on its way to visit post-BOJ highs. The UD/CHF pair extends its bullish momentum into Europe mainly on the back of a broadly higher US dollar, benefiting from the BOJ negative rate shocker.

    Adding to the positive sentiment around the major, rallying European equities along with stronger oil prices boosts the persisting risk-on trades and hence, erode the demand for the traditional safe-haven CHF.

    Meanwhile, markets ignored the Swiss data as all eyes remain focused on the upcoming advance GDP numbers from the US docket. The Swiss KOF Economic Barometer rose by 3.5 points in January to 100.3.

    USD/CHF Technical Levels

    To the upside, the next resistance is located 1.0224 (Daily High) levels and above which it could extend gains to 1.0259/60 (Dec 3 High/ daily R3). To the downside, immediate support might be located at 1.0153/52 (1h 100 & 50-SMA) and below that 1.0111 (1h 200-SMA).
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