USD/CHF: Swiss franc bid on increased safe-haven appeal

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 24, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - A renewed risk-aversion wave hit Europe, with the demand for safe-havens on the rise following the news of Syria-Turkey border plane crash, which pushed the Swiss franc back in the green versus the buck.

    USD/CHF capped below 1.0200

    Currently, the USD/CHF pair trades flat at 1.0183, recovering from session lows struck at 1.0169 after the news hit the wires. The major reversed losses and now trades muted, as the CHF bulls continue to fight for control amid falling European equities and re-emergence of risk-off moods on fears of potential geo-political tension following the plane crash in Syria.

    Adding to the negative sentiment around USD/CHF, the US dollar continues to recede some of the strong gains seen on Monday ahead of the crucial US prelim GDP report due later in the NY session.

    USD/CHF Technical Levels

    To the upside, the next resistance is located 1.0221/27 (Nov 18 & 23 High) levels and above which it could extend gains to 1.0245 (Jan Highs). To the downside, immediate support might be located at 1.0169 (daily low) and below that at 1.0124 (Nov 18 Low).
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