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USD/CHF: Swiss franc fails to benefit from risk-aversion

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The traditional safe-haven, Swiss franc, fails to benefit from the persisting risk-averse environment, and trims gains versus its American in the mid-European session.

    USD/CHF in a tight range, awaits US data?

    Currently, the USD/CHF pair trades 0.10% lower at 1.0038, moving off session lows struck at 1.0021. The USD/CHF pair stands resilient so far amid ongoing financial markets turmoil, with currencies, stocks and commodities plunging after oil broke below $ 30 threshold once again. Meanwhile other safe-haven such as the yen trades 0.60% higher against the USD. While the yellow metal rises 0.80%.

    It’s worth making a mention that last year this day, markets went into frenzy after the SNB unexpectedly announced the removal of the peg on EUR/CHF. Looking ahead, the US retail sales and consumer sentiment data remain in focus for fresh impetus amidst a gloomy global market set-up.

    USD/CHF Technical Levels


    To the upside, the next resistance is located 1.0102/13 (daily R1/ Jan 13 High) 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 1.0016/11 (10 & 50-DMA) and below that 0.9977/63 (20-DMA/ Jan 12 Low).
    For more information, read our latest forex news.
     

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