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USD/CHF stronger, closer to parity

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The Swiss franc is markedly lower against the dollar today, with USD/CHF extending its rally to the 0.9990 area, or session highs.

    USD/CHF boosted by USD-buying

    Today’s preference for riskier assets, and mainly the commodity-bloc, has been intensifying the outflows from safe haven currencies like the Swiss Franc and the Japanese Yen, boosting the pair to the vicinity of the parity levels at the same time.

    Fanning the upside, the US Dollar is trading in daily highs, advancing nearly 1% when tracked by the US Dollar Index.

    Data wise in Switzerland, Producer and Import Prices have contracted 0.4% MoM during January, more than initially estimated. In the US economy, Markit’s manufacturing PMI and the Chicago Fed NA index is due later.

    USD/CHF key levels

    The pair is now up 0.84% at 0.9985 facing the next up barrier at 1.0000 (psychological handle) followed by 1.0031 (61.8% Fibo of YTD down move) and then 1.0262 (high Jan.29). On the other hand, a break below 0.9889 (38.2% Fibo of YTD down move) would open the door to 0.9755 (100-day sma) and then 0.9658 (low Feb.11).
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