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USD/CHF slumps to 0.9930, session lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 8, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The safe haven CHF is now gathering further pace, dragging USD/CHF to test fresh daily lows in the 0.9935/30 band.

    USD/CHF extends the drop below 1.0000

    The pair is intensifying the break below parity level and posting 2-day lows in the vicinity of 0.9930 following the increasing buying interest around the Swiss franc in the current environment of persistent risk aversion.

    Absent significant releases in both the US and Switzerland, spot remains poised to follow the broader risk appetite trends, with the area of 0.9870 (post-ECB lows) emerging as the interim support.

    USD/CHF levels to watch

    At the moment the pair is down 0.65% at 0.9936 facing the next support at 0.9870 (low post-ECB Dec.3) ahead of 0.9800 (100-day sma) and then 0.9653 (200-day sma). On the upside, a breakout of 1.0131 (high Mar.12) would open the door to 1.0241 (high Jan.14) and finally 1.0335 (2015 high Nov.27).
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