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USD/CHF stalls recovery, recedes to hourly 100-MA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The USD/CHF pair halted a two-day decline and edged higher this Monday on the back of relief rally after the recent weakness.

    USD/CHF supported at 50-DMA

    Currently, the USD/CHF pair trades 0.35% higher at 1.0044, easing-off session highs posted at 1.0057 during mid-Asia. The USD/CHF pair trims gains as we progress towards the European morning, with the renewed sell-off oil prices capping the recovery.

    Oil prices came under renewed selling pressure and hit fresh multi-year lows, as the European traders hit their desks and react negatively to Iran’s sanction news. Over the weekend, Western sanctions on Iran were lifted, now allowing the Iranian oil into the markets. Brent drops nearly 4%, while the US oil falls 2% so far this session.

    Meanwhile, the major will continue to track the sentiment on the European stocks and the oil price action amid a lack of economic news in the day ahead.

    USD/CHF Technical Levels

    To the upside, the next resistance is located 1.0100 (round number) levels and above which it could extend gains to 1.0124/31 (Jan 5 & 6 High). To the downside, immediate support might be located at 1.0006 (10 & 50-DMA) and below that 0.9963/54 (Jan 12 & 15 Low).
    For more information, read our latest forex news.
     

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