USD/CHF regains momentum, jumps to 0.9930

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The US dollar recovered lost ground versus its Swiss counterpart post-European open, lifting USD/CHF from near 0.99 handle.

    USD/CHF jump-off hourly 100-SMA at 0.9909

    Currently, the USD/CHF pair trades 0.20% higher at 0.9927, retreating slightly from fresh session highs printed at 0.9932. The USD/CHF pair picked-up significant strength over the last hours as the higher start on the European stocks added to the existing risk-on trades, diminishing the safe-haven bids for the CHF. The European indices are seen rallying +1.15 to +1.80%.

    Moreover, the greenback continues to trade firmer against the EUR and GBP on the back of intensifying debates over Brexit, which in turn benefits USD/CHF. The US dollar index jumps 0.42% to just above 97 barrier.

    USD/CHF Technical Levels

    To the upside, the next resistance is located 0.9948/50 (Feb 17 High/ round number) and above which it could extend gains to 0.9991/1.0005 (50 & 100-DMA). To the downside, immediate support might be located at 0.9909/00 (session low/ round number) and below that 0.9864/49 (10-DMA/ Feb 17 Low).
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