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USD/CHF poised for a second weekly gain

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The drop in the safe haven demand for the CHF has put the USD/CHF pair on track to second weekly gain.

    Trading at seven-week high

    At 1.0145, the pair is trading at a seven-week high. The demand for the safe haven CHF fell after the oil prices rose and the chatter about more ECB and BOJ easing stabilized the risk sentiment in the markets.

    Furthermore, ECB’s hint at more easing in March has also brought CHF under pressure since more easing from the ECB also means a high possibility that SNB would retaliate. As of now, the traders are ignoring the US data releases and remain focused on the stock markets.

    USD/CHF Technical Levels

    The immediate resistance is seen at 1.0220 (Nov 18 high), above which the pair could test 1.0261 (Nov 25 high). On the other hand, a break below 1.0114 (hourly 10-MA) would expose the hourly 50-MA at 1.0072.
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