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USD/CHF sold into USD weakness, lowest since Oct 2015

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 30, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The USD/CHF pair extends losses for the third straight session on Wednesday and drops to the lowest levels since Oct 2015, as the USD bears extend their control on Yellen.

    USD/CHF heading towards 0.9600?

    Currently, the USD/CHF pair trades -0.32% lower at 0.9638, having faced strong resistance at 0.9670. The offered tone around the US dollar keeps growing bigger post-European open, now knocking-off USD/CHF to fresh five-month lows near 0.9630 region. The US dollar came under fresh selling pressure against its major competitors as the European traders react to the cautious comments from Fed Chairwoman Yellen on the Fed rate hike outlook. The USD index drops -0.34% to 94.85, after having failed to resist above 95 handle.

    Further, the major continued its downside momentum, despite dismal economic data from the Alpine nation. Switzerland’s KOF leading indicator for March came in at 102.5 versus 102.0 expected.

    In the day ahead, the US employment data is expected to have significant impact on the pair, as the ADP jobs report is considered a proxy to Friday’s crucial NFP data.

    USD/CHF Technical Levels

    To the upside, the next resistance is located at 0.9723/20 (10 & 5-DMA) and above which it could extend gains to 0.9787/91 (Mar 28 & 25 High). To the downside, immediate support might be located at 0.9600/ 0.9591 (round number/ Daily S2) and below that 0.9550 (psychological levels).
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