USD/CHF supported around 1.0000

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The greenback is losing ground vs. its rivals on Monday, now taking USD/CHF to the 1.0030/35 band.

    USD/CHF lower on USD-selling

    The pair has retreated from recent peaks in the vicinity of 1.0080, although the selling interest has found decent support around the parity level in early trade. Recall that spot has quickly left behind the 1.0000 barrier following the solid prints from the US labour market on Friday, but the lack of follow through prompted the ongoing correction lower.

    On the data front, Total Sight Deposits at the SNB have come in at CHF 467.2 billion in the week ended on November 6, while the Labor Market Conditions Index and Boston Fed’s E.Rosegren are due later in the US docket.

    USD/CHF levels to consider

    As of writing the pair is losing 0.32% at 1.0025 and a breakdown of 0.9946 (uptrend from 1.0241 prev. resistance now support) would aim for 0.9903 (monthly high Aug.11) and then 0.9850 (38.2% Fibo of 0.9473-1.0083). On the upside, the next hurdle aligns at 1.0131 (high Mar.12) ahead of 1.0241 (2015 high Jan.14) and then 1.0300 (psychological handle).
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