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USD/CHF slumps to 1.0120, session lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 26, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The greenback is now accelerating its decline vs. the Swiss franc, dragging USD/CHF to the area of session lows around 1.0120.

    USD/CHF lower on China, oil weakness

    Market participants have increased their ‘flight to safety’ today in response to the heightened risk aversion following another significant drop in Chinese equities, this time more than 6%.

    Furthermore, crude oil prices have resumed their downside and are now trading back below the $30.00 mark, fading further last week’s squeeze.

    Data wise in Switzerland, December’s trade surplus shrunk to CHF 2.544 billion from CHF 3.16 billion. In the US, Consumer Confidence and Markit’s Services PMI are due later.

    USD/CHF significant levels

    The pair is now retreating 0.06% at 1.0121 with the immediate support at 1.0053 (20-day sma) ahead of 0.9995 (61.8% Fibo of 1.0335-0.9784) and finally 0.9908 (100-day sma). On the other hand, a breakout of 1.0206 (23.6% Fibo of 1.0335-0.9784) would expose 1.0260 (high Nov.26) and then 1.0335 (high Nov.26).
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