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USD/CHF slides further to 0.9985, 17-day low

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - Another wave of USD selling pushed USD/CHF to dropped momentarily below the parity level. The pair bottomed at 0.9985, hitting the lowest level since January 15.

    Afterwards, the pair rose quickly back above 1.0000 and it was trading at 1.0030/35. Despite rising 50 pips from the lows, it was still down 150 pips from the level it closed yesterday.

    During the Asian session, the pair moved toward 1.0200 and then turned to the downside. The decline was modest until the American session when Greenback plummeted across the board. There was no particular trigger but the market is reducing expectations of another rate hike in the US during the first half of the year.

    USD/CHF below 20-day MA; above trendline

    The rebound in USD/CHF from the lows pushed the price back into a bullish channel that has been guiding price action since mid-December. But as long as it remains below 1.0070, it will post the first daily close under the 20-day MA since the beginning of the year. The mentioned average is starting to point to the downside.
    For more information, read our latest forex news.

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