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USD/CHF revisits daily highs, ignores upbeat Swiss data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The USD/CHF pair paused its winning streak and turned lower this Thursday on the back of the dovish Fed minutes and upbeat Swiss trade data.

    USD/CHF rejected at 0.9930

    Currently, the USD/CHF pair trades almost unchanged at 0.9925, reversing a dip to fresh session lows struck at 0.9906. The major stalled its recent retreat and now reverts towards daily highs as the US dollar is seen making minor-recovery attempts against its major counterparts. The USD index now trades 0.06% lower at 96.80, moving-off 96.71 lows.

    In last hours, the Swiss franc fought back control after the Swiss trade data exceeded expectations and offered some relief to the CHF bulls after four consecutive sessions of heavy losses. The trade surplus amounted to CHF3.51 billion in the reported month, compared with an upwardly revised CHF2.59 billion registered in the previous month. Markets had predicted a surplus of ₣2.67 billion.

    Attention now remains on the Swiss employment data due out shortly ahead of the US weekly jobless claims lined up for release in the NY session.

    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 0.9989/1.0003 (50 & 100-DMA). To the downside, immediate support might be located at 0.9906/00 (daily low/ round number) and below that 0.9878 (5-DMA).
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