USD/CHF off 5-year tops, around 1.0230

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 26, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The US dollar halted its recent five-day winning streak against its Swiss counterpart in the European morning, with USD/CHF now retreating from five-year highs.

    USD/CHF keeps green above 5-DMA

    Currently, the USD/CHF pair trades 0.12% higher at 1.0229, easing-off fresh session highs recorded at 1.0240 in last hours. The major failed near January highs at 1.0245 this session and now drifts lower towards hourly 5-SMA, despite the renewed buying interest seen around the buck.

    While the risk-on sentiment extends into the European open, with the stocks on the European bourses firmer for the second straight session. Thus, the demand for safe-havens such as the CHF takes a hit, supporting the gains in USD/CHF.

    Meanwhile, markets will continue to track the broader market sentiment as the trading session is expected to remain light in absence of the US traders. The US markets are closed on account of Thanksgiving.

    USD/CHF Technical Levels

    To the upside, the next resistance is located 1.0245 (Jan Highs) levels and above which it could extend gains to 1.0260 (Nov 25 High). To the downside, immediate support might be located at 1.0201 (5-DMA) and below that 1.0172 (Nov 24 low).
    For more information, read our latest forex news.

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