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USD/CHF rejected at 50-DMA, Eyes US data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 10, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The USD/CHF ran into offers at its 50-DMA 0.9907 levels and now trades around 0.9875 ahead of the US data.

    Rejected at 50% Fibo

    The turn lower also marked a failure to sustain above 0.9902 (50% fib of 0.9476-1.0328), but the losses have been restricted around 0.9860.

    The traders now await the US weekly labor data, which could show the initial jobless claims remained unchanged at 269K last week. Meanwhile, the import prices in November are expected to have dropped at a faster rate.

    USD/CHF Technical Levels

    The immediate resistance is seen at 0.9902 (50% of 0.9476-1.0328)+ 0.9907 (50-DMA), above which 5-DMA at 0.9930 could offer resistance, which, if taken out shall open doors for 1.00 (38.2% of 0.9476-1.0328). On the other hand, a break below 0.9802 (100-DMA+61.8% of 0.9476-1.0328) would expose 0.9750 (daily highs in Sep-Oct).
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