USD/CHF heavy, flirts with 0.99 handle

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The offered tone on the CHF continues to strengthen as we progress towards the American session, knocking-off USD/CHF to lows near 0.99 barrier.

    USD/CHF tracks Oil lower

    Currently, the USD/CHF pair trades -0.30% lower at fresh session lows of 0.9899, breaching the key support placed at 0.9920 levels. The major keeps falling alongside oil prices, with the investors flocking to safety nets such as the Swiss franc amid risk-off markets.

    Moreover, thin markets exacerbate the intraday volatility and add further to the bearish pressures on the major. Attention now shifts towards the US pending home sales data due later today and Thursday’s weekly jobless claims and Chicago PMI data for further cues.

    USD/CHF Technical Levels

    To the upside, the next resistance is located 0.9943 (Dec 29 High) levels and above which it could extend gains to 0.9991 (daily R2). To the downside, immediate support might be located at 0.9890 (20-DMA) and below that 0.9867 (100-DMA).
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