USD/CHF in the red, around hourly 100-SMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 21, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The USD/CHF pair failed to resist the 200-DMA barrier and incurred sizeable losses thereon as the risk-off sentiment boosted the Swiss franc at the expense of the buck.

    USD/CHF capped below 200-DMA

    Currently, the USD/CHF pair loses -0.25% to trade at 0.9538, retreating slightly from session lows reached at 0.9528 in last minutes. The USD/CHF pair came under renewed selling pressure after the European stocks turned negative and reignited risk-off moods, boosting the safe-haven bids for the Swiss franc.

    While the greenback also remains broadly undermined, snapping four consecutive days of gains after the recent streak of upbeat US macro data. The USD index falls -0.11% to 94.79 levels.

    Nothing relevant in terms of economic news is likely to be reported in the day ahead. Hence, attention now shifts towards the ECB meeting and a set of US data due tomorrow.

    USD/CHF Technical Levels

    To the upside, the next resistance is located 0.9567/76 (Today’s & Oct 20 High) levels and above which it could extend gains to 0.9590/0.9600 (Oct 14 High + Round number). To the downside, immediate support might be located at 0.9491 (Oct 16 Low) and below that at 0.9473 (Oct 15 Low).
    For more information, read our latest forex news.

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