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USD/CHF reverses and climbs to test daily highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - The Swiss franc weakened against the US dollar as main stocks indexes in Wall Street jumped to the upside following a rally in crude oil prices.

    USD/CHF testing daily highs

    The pair was moving with a bearish bias, falling from 1.0105 (Jan 13 high) until it found support near the 1.0000 zone and above the 100-hour MA. It rebounded initially to 1.0065 and then when it was about to test daily lows reversed and climbed in a few minutes from 1.0020 to 1.0089, hitting a fresh session high, slightly below daily highs that lie at 1.0091.

    is trading at 1.0075, less than 20 pips above yesterday’s closing price. The Dow Jones that started in negative territory is now up by 150 points. The improvement in market sentiment weakened European currencies, particularly the euro.

    USD/CHF technical levels

    As mentioned, to the upside the short-term immediate resistance could be seen at 1.0091 (daily high), followed by 1.0105 (Jan 13 high) and 1.0125 (Jan 05 high). On the opposite direction, support levels might now be located at 1.0060 (20-hour MA), 1.0000/10 (psychological / daily low) and 0.9960 (20-day MA).
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