USD/CHF off highs, returns to 0.9600

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    USD/CHF keeps its bearish note unchanged at the end of the trading week, coming back to the 0.9600 neighbourhood after a bull run to 0.9620 overnight.

    USD/CHF lower on risk aversion

    The initial risk-off bias seems to be spreading into the European trading hours today, bolstering the demand for safe havens like CHF and JPY and thus prompting spot to recede towards the 0.9600 handle.

    The recurrent weakness around the greenback has been heavily weighing on the pair as of late, testing fresh 2016 lows around 0.9570 on Thursday.

    Next of relevance will be Retail Sales in Switzerland, followed by the more relevant US calendar: Non-farm Payrolls, ISM Manufacturing, Markit’s Manufacturing PMI and Reuters/Michigan index.

    USD/CHF key levels

    The pair is now down 0.15% at 0.9604 facing the next support at 0.9571 (2016 low Mar.31) followed by 0.9523 (monthly low Sep.18 2015) and then 0.9473 (monthly low Oct.15 2015). On the other hand, a break above 0.9772 (20-day sma) would expose 0.9791 (high Mar.25) and finally 0.9821 (200-day sma).

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