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USD/CHF slumps below 0.9700, 4-month low

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The greenback is extending its downside momentum today, sending USD/CHF to fresh lows in sub-0.9700 levels.

    USD/CHF breaches 0.9700 on risk-off

    The risk aversion sentiment is increasing its presence in the global markets today following a sharp sell off in European equities after the opening bell. The demand for the safe haven CHF has quickly dragged the pair to levels last seen in late October near 0.9660.

    In the data space, consumer prices in Switzerland have matched expectations in January, contracting 0.4% inter-month and 1.3% over the last twelve months. Later in the NA session, Initial Claims and Yellen’s testimony are due.

    USD/CHF key levels

    The pair is now retreating 0.38% at 0.9683 and a breakdown of 0.9523 (low Sep.18 2015) would open the door 0.9473 (low Oct.15 2015) and then 0.9251 (low Aug.24). On the flip side, the next resistance lines up at 0.9936 (100-day sma) followed by 0.9997 (55-day sma) and then 1.0025 (20-day sma).
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