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USD/CHF pushes higher to 1.0120, daily tops

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The Swiss franc is extending its daily depreciation, now lifting USD/CHF beyond the 1.0120 area, or session peaks.

    USD/CHF firmer on risk-on trade

    Market participants are intensifying its flight away from the safe haven CHF, against a backdrop of rising risk appetite fuelled by yesterday’s dovish tone from the ECB meeting.

    Crude oil prices are back to the fore today, with the barrel of Brent crude advancing more than 6% beyond the $31.00 mark, collaborating further with the risk-on trade.

    Ahead in the session, US Existing Home Sales and Markit’s flash manufacturing PMI are in the limelight, followed by CB’s Leading Index.

    USD/CHF significant levels

    The pair is now advancing 0.56% at 1.0118 and a breakout of 1.0206 (23.6% Fibo of 1.0335-0.9784) would expose 1.0260 (high Nov.26) and then 1.0335 (high Nov.26). On the flip side, immediate support lines up at 0.9954 (low Jan.15) ahead of 0.9914 (76.4% Fibo of 1.0335-0.9784) and finally 0.9896 (100-day sma).
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