USD/CHF reaches highest level since January

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 17, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - The dollar extended gains versus the franc, breaking above March peaks to reach its highest level since January, back when the SNB shocker sent USD/CHF tumbling.

    USD/CHF climbed through the 1.0125 resistance area and hit a high of 1.0149 on Tuesday as the greenback remains underpinned by expectations the Federal Reserve will raise rates at its next meeting, despite persistently low inflation.

    Data showed US consumer prices rose rose just 0.2% over the year to October, while excluding food and energy they grew 1.9% in the same period.

    In this line, FOMC meeting minutes to be released tomorrow will be closely watched for confirmation of the December lift-off.

    USD/CHF technical levels

    At time of writing, the pair is currently trading at 1.0136, 0.39% higher on the day, with next resistances seen at 1.0239 (2015 high scored on Jan 14 pre-SNB shocker) and not much until 1.0300 (psychological level). On the other hand, supports could be faced at 1.0037 (10-day SMA), 0.9989 (Nov 12 low), 0.9943 (Nov 6 low) and 0.9920 (Nov 5 low).
    For more information, read our latest forex news.

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