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USD/CHF testing highs near 0.9980 on poor Swiss data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 4, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The US dollar swung back into gains versus its Swiss counterpart post-European open, with USD/CHF now hovering near daily highs following the release of Swiss inflation data.

    USD/CHF bounces-off monthly lows

    Currently, the USD/CHF pair trades 0.43% higher at 0.9980, hovering close to fresh session highs of 0.9984 reached last hours. The major regained lost ground somewhat and remains strongly bid amid mixed sentiment on the European indices as investors remains cautious ahead of the crucial NFP data.

    However, the USD/CHD recovery from monthly lows remains intact as the Swiss franc was hit by softer CPI print, which revealed that the Swiss economy entered deflation last month. The Swiss CPI slipped 1.4% y/y in Nov, missing expectations of a 1.3% fall.

    In the day ahead, the major is expected to correct higher as the USD bulls are likely to retain control ahead of the highly influential US jobs report.

    USD/CHF Technical Levels

    To the upside, the next resistance is located 1.0100 (round number) levels and above which it could extend gains to 1.0126 (1h 50-SMA). To the downside, immediate support might be located at 0.9916 (daily low) and below that 0.9876 (Dec 3 low).
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