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USD/CHF struggles to consolidate above 0.9700

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 8, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - USD/CHF climbed above 0.9700 toward fresh session highs as the greenback was supported by upbeat US jobless claims data.

    US initial jobless claims fell to 263K in the week ending Oct 2, posting its lowest level since mid-July, and below the 274K expected.

    USD/CHF reached a session peak of 0.9729 but faltered ahead of the 200-hour SMA and eased afterward. At time of writing, the pair is trading at 0.9705, still 0.28% down on the day.

    Looking ahead, FOMC minutes will gather market attention while Fed members Bullard and Williams are due to speak.

    USD/CHF levels to watch

    In terms of technical levels, a break above 0.9740 (Oct 8 & 7 highs) could pave the way toward 0.9766 (Oct 6 high) en route to 0.9794 (Oct 2 high). On the other hand, supports align at 0.9644 (Oct 2 low), 0.9600 (psychological level) and 0.9564 (100-day SMA).
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