USD/CHF hits fresh highs at 0.9870 and retreats

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 9, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The USD/CHF pair halted its recovery mode at 0.9870 - fresh session highs and reverted in the red as the European stocks extend the previous drop.

    USD/CHF fails near daily highs

    Currently, the USD/CHF pair trades 0.23% lower at 0.9848, having posted fresh session highs at 0.9870 last minutes. The ongoing recovery in the USD/CHF appears to lose steam near daily highs at 0.9876 and the prices have turned slightly lower, as a renewed bout of risk-aversion wave hit markets after the European stocks tuned negative once again, after a positive start.

    Moreover, the US dollar also stalled its recovery and fell back into the red zone as risk-off resurfaced and diminished the bids for the risk currency, the USD. With steady Swiss jobs report behind us, there is nothing of note for the major in the day ahead and hence, the sentiment on the global equities will continue to dominate.

    USD/CHF Technical Levels

    To the upside, the next resistance is located 0.9896/99 (daily pivot/ 5-DMA) and above which it could extend gains to 0.9943/47 (30 & 29 Dec High). To the downside, immediate support might be located at 0.9823/06 (daily low/ 200-DMA) and below that 0.9753/50 (daily S2/ psychological levels).
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