USD/CHF rejected again by 50-day SMA, turns negative

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 19, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    USD/CHF failed once again to break decisively above the 0.9965/70 zone and turned lower, having already completely erased intraday gains to trade negatively on the day.

    USD/CHF failed to climb above the 50-day SMA, which offered resistance on Thursday and Friday around 0.9968 and pulled back. The downside was further fueled by stronger-than-expected US CPI data, sending USD/CHF to a low of 0.9901 in recent dealings. At time of writing, the pair is trading at 0.9905, down 0.21% on the day, but still headed for a weekly gain.

    USD/CHF levels to watch

    As for technical levels, next supports are seen at 0.9901/00 (Feb 19 low/psychological level), 0.9852 (Feb 17 low) and 0.9832 (10-day SMA). On the other hand, resistances could be found at 0.9968 (20 - & 50-day SMAs) ahead of 1.0000 (psychological level).
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