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USD/CHF plummets to 0.9520

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 14, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The sell-off in the greenback continues unabated on Wednesday, now sending USD/CHF to daily lows in the 0.9525/20 band.

    USD/CHF drops further on US data

    The pair has seen its downside intensified after the disappointing results from the US retail sales during September, advancing below expectations at a monthly pace of 0.1%.

    The pair keeps the bearish tone this week so far, retreating for the second consecutive session to levels last seen in late August in the 0.9520 region.

    Previously in Switzerland, the ZEW Survey – Expectations came in at 18.3 for the current month, up from September’s 9.7, while the Fed is expected to publish the Beige Book later in the NA session.

    USD/CHF relevant levels

    As of writing the pair is losing 0.45% at 0.9535 facing the next support at 0.9501 (38.2% Fibo of 0.9906-0.9251) followed by 0.9399 (uptrend from May low) and then 0.9251 (low Aug.24). On the other hand, a breakout of 0.9656 (61.8% Fibo of 0.9906-0.9251) would open the door to 0.9695 (55-day sma) and finally 0.9726 (downtrend from September high).
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