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USD/CHF testing 1.0050 on improving risk sentiment

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The bid tone on the USD strengthened further post-European open, now pushing USD/CHF towards mid-point of 1.00 barrier.

    USD/CHF bounces-off lows ahead of parity

    Currently, the USD/CHF pair trades 0.20% higher at fresh session highs of 1.0045, recovering sharply from session lows struck at 1.0008 levels. The major witnessed fresh buying interest after the positive performance on the European equities brought in renewed optimism into markets. Hence, the demand for riskier currencies such as the USD was on the rise, which lifted the USD/CHF pair.

    The US dollar index, which measures the relative strength of the greenback against its six major peers, rises 0.15% to 99.10 levels. Looking ahead, amid a lack of fresh fundamental triggers in Europe and the US, the major will continue to track the broader markets sentiment as well as the USD moves.

    USD/CHF Technical Levels

    To the upside, the next resistance is located 1.0063 (Jan 4 High) levels and above which it could extend gains to 1.0091 (daily R1). To the downside, immediate support might be located at 1.0008 (daily low) and below that 0.9951 (10-DMA).
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