USD/CHF picks-up pace, rises to 1.0080

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - A sudden turnaround in risk conditions appears to reinforce the bullish momentum seen in the USD/CHF over the past five trading sessions.

    USD/CHF on its way to 1.0100

    Currently, the USD/CHF pair trades 0.22% higher fresh session highs of 1.0080, after bottoming out around 1.0050 levels earlier on the day. The CHF bulls lost control after risk-off sentiment faded with the recovery in oil and equities. The renewed risk sentiment offered fresh life to the US dollar and sent it higher across the board. The US dollar index trades 0.11% higher above 99 handle.

    Meanwhile, the reported bomb blasts and gunfire in central Jakarta did little to boost the safe-haven status of the Swiss franc amid rising demand for riskier assets such as equities, US dollar etc. Markets also continue to assess SNB’s Zurbruegg comments delivered the day earlier. The SNB Vice President reiterated that the Swiss franc remains ‘considerably overvalued.’

    USD/CHF Technical Levels

    To the upside, the next resistance is located 1.0110/13 (daily R1/ Jan 13 High) levels and above which it could extend gains to 1.0124/31 (Jan 5 & 6 High). To the downside, immediate support might be located at 1.0014 (50-DMA) and below that 0.9963/71 (Jan 12 Low/ 20-DMA).
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