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USD/CHF testing January highs at 1.0245

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 26, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The US dollar picked-up significant pace versus its Swiss rival in the last hours, driving USD/CHF back towards multi-year highs.

    USD/CHF takes out hourly 20-SMA at 1.0225

    Currently, the USD/CHF pair trades 0.22% higher at 1.0240, fighting hard to surpass January highs posted at 1.0245. The USD/CHF pair gains further ground in the European hours and looks to test fresh five-year peaks recorded at 1.0260 on Tuesday.

    The renewed upbeat momentum is mainly driven by improving appetite for riskier assets - the European equities amid growing hopes for prolonged period of easy money heading into the ECB meeting next week. Thus, persisting risk-on trades continue to diminish the bids for the safe-haven in CHF.

    In the session ahead, the major is expected to remain supported amid thin trades and limited volatility as the US markets will be closed on account of Thanksgiving Day holiday.

    USD/CHF Technical Levels

    To the upside, the next resistance is located 1.0260 (Nov 25 High) levels and above which it could extend gains to 1.0300 (round number). To the downside, immediate support might be located at 1.0202 (5-DMA) and below that 1.0172 (Nov 24 low).
    For more information, read our latest forex news.
     

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