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USD/CHF jumps-off hourly 100-SMA, re-takes 1.02

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - USD/CHF bounces-off hourly 100-SMA support at 1.0180 and tries another attempt to regain 1.02 handle in early Europe as risk-off sentiment appears to have eased a bit over the last hours.

    USD/CHF capped below 5-DMA at 1.0201

    Currently, the USD/CHF pair trades -0.05% lower at 1.0194, within a striking distance of 1.02 handle. The US dollar is seen gathering pace against its Swiss counterpart since late-Asian trades as risk-sentiment seems to improve somewhat on the back of a minor recovery seen in oil and stocks.

    Moreover, the major recovers losses as the US dollar also recovers most losses against its major competitors, with the focus now shifting towards the key US jobs report due later this week. The USD index trades almost unchanged at 99.04, having recovered from 98.89 lows.

    Next on tap for the CHF, is the retail sales data due out shortly, while the US calendar remains relatively data-quiet today.

    USD/CHF Technical Levels

    To the upside, the next resistance is located 1.0255 (Feb 1 High) levels and above which it could extend gains to 1.0300/05 (round number/ Dec 1 High). To the downside, immediate support might be located at 1.0180/78 (1h 100-SMA/ 10-DMA) and below that 1.0152 (1h 200-SMA).
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