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USD/CHF snapped four-day losing streak in Asia

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 19, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The USD/CHF pair snapped four-day losing streak in Asia as the USD was offered across the board after the Fed minutes turned out to be non-event for the markets.

    Rejected at 1.02, supported by hourly 50-MA

    The pair was rejected at the 1.02 handle, but appears to have found at the hourly 50-MA located at 1.0155 levels. The pair clocked a high of 1.0220 levels in the NY session before turning lower as the USD bulls felt disappointed after Fed minutes merely echoed the message conveyed by the Oct statement.

    Ahead in the day, the spot may continue its downward journey if the European desks continue to ditch the US dollar.

    USD/CHF Technical Levels

    At 1.0158, the immediate support is seen at 1.0156 (hourly 50-MA), under which the losses could be extended to 1.0113 (hourly 100-MA). On the other hand, the pair may revisit 1.0220 if it manages to sustain above the hourly 50-MA.
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