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USD/CHF off 7-month highs, corrects to 0.9930

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 29, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - After reaching fresh seven-month highs in the previous session, the USD/CHF pair drifted lower on the back of correction after the recent vertical rise.

    USD/CHF rejected at 0.9960

    Currently, the USD/CHF pair loses -0.09% to trade at fresh session lows of 0.9934, retracing a part of yesterday’s heavy gains. The bulls took a breather after rising for ten consecutive sessions and fell in the red zone near hourly 10-SMA on Thursday, as traders resorted to profit-taking after the key FOMC decision turned in favour of the buck and triggered a renewed rally in USD/CHF last US session.

    The Fed left the doors open for a Dec rate lift-off and sounded more upbeat on the US economy while ignoring the global developments.

    The Swiss franc also remains lifted against the US dollar as the subdued performance on the Asian equities sparked fresh buying interest in the safe-havens such as the yen, the CHF, etc.

    Meanwhile, the major will track the sentiment on the European stocks and the upcoming US data releases will also having some bearing on the Swissie.

    USD/CHF Technical Levels

    To the upside, the next resistance is located 0.9957/60 (Today’s High/ Oct 28 High) levels and above which it could extend gains to 1.000 (parity/ key psychological levels). To the downside, immediate support might be located at 0.9900 (hourly 20-SMA) and below that at 0.9871 (5-DMA)/1h 50-SMA).
    For more information, read our latest forex news.

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