USD/CHF hits fresh highs above 0.9800 as Yellen speaks

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 10, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Greenback rose further against the Swiss franc and printed a fresh daily high. USD/CHF jumped to 0.9818 after Yellen testimony and following the first answers to question from congressman.

    The pair so far failed to hold above 0.9800 and pulled back. It was trading at 0.9790, up 65 pips and posting the first daily gain since late January. Yesterday USD/CHF posted the lowest daily close in three months.

    USD/CHF recovery: so far a correction

    Today the US dollar is rising against the Swissy but the dominant trend continues to point to the downside. The rally in USD/CHF so far should be considered as a corrective. So far the are no signals of a reversal.

    Despite climbing more than a hundred pips from daily lows, the pair remains below yesterday’s highs. A consolidation on top of 0.9830, that was a previous key support could create some signals of a potential temporal bottom. But as long as it remains below, momentum should continue to favor the Swissy.
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