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USD/CHF rises above 0.9900

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 3, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - USD/CHF continued to rise despite weaker-than-expected US economic data. The pair recently reached at 0.9922, the highest level since last Thursday and it remains near the top.

    USD/CHF approaching Oct highs

    The pair is rising more than 50 pips today, after falling during the previous three days, approaching last week highs that lie at 0.9955; if it breaks higher it would be trading at the strongest level since March.

    The bearish correction that started last Wednesday appears to be over after the US dollar found support at 0.9830/40 (yesterday’s low) and from there is rising. Price rose back above the 20-SMA in four hours charts and Momentum is back above 100.

    Affected by the euro

    A stronger US dollar is pushing the pair to the upside while the Swiss franc is being affected by a decline of the euro in the market. Recent economic data had little impact on currencies.

    A decline of 1% in factory orders in the US during September failed to weaken the US dollar while yesterday’s positive PMI numbers from the Eurozone did not lift the euro.
    For more information, read our latest forex news.
     

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