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USD/CHF hits 3-week highs and retreats

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - USD/CHF extended weekly gains on Friday supported by a stronger US dollar against European currencies and the yen. The pair peaked at 0.9794, reaching the highest level since October 2.

    Afterwards it pulled back and it was trading at 0.9755/60, up 0.30% for the day and 230 pips above the level it closed last week. Greenback accelerated versus the Swissy after Mario Draghi, ECB president, signaled that more stimulus was likely in December. Those words weakened sharply the euro in the market, but the franc was also affected.

    USD/CHF test key level

    The rally brought the price to levels near 0.9800. In the first attempt to break higher it lost strength near the mentioned level. USD/CHF still holds a bullish tone and it could rise again toward 0.9800 – 0.9810, where a key resistance area is located: a consolidation on top would give support to the US dollar to extend gains.
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