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USD/CHF rallies after US GDP revision

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 26, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    USD/CHF rallied to fresh 3-day highs at the beginning of the American session as the US dollar strengthened on the back of an upward revision to Q4 GDP.

    US fourth quarter GDP was revised higher to an annualized rate of 1% compared with an initial estimate of 0.7%, although the sharp upward revision was mainly due to change in inventory valuation method.

    USD/CHF rose more than 70 pips after data was released, breaking above the 100-day SMA to peak at 0.9983, although momentum faded ahead of the parity level. At time of writing, the pair is trading at 0.9975, 0.74% above its opening price and headed for a second weekly gain in a rose.

    USD/CHF technical levels

    In terms of technical levels, USD/CHF could find next resistances at 1.0000 (psychological level) and 1.0073 (Feb 4 high). On the other hand, supports are seen at 0.9870 (Feb 26 low), 0.9852 (Feb 24 & 17 lows) and 0.9755 (200-day SMA).
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