USD/CHF testing lows near 0.9950, ignores USD strength

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 6, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - USD/CHF halted its four-day rally and retreated from more than seven-month tops on profit taking ahead of the key US NFP report.

    USD/CHF rejected at 0.9970

    Currently, the USD/CHF pair trades almost unchanged at 0.9952, easing-off fresh session highs reached at 0.9968 in last hours. The major wiped-out gains and turned negative as the safe-haven bids for the Swiss franc increased with the drop in the European stocks.

    Moreover, markets ignored the persisting broad based US dollar strength and preferred to book profits on their USD longs, heading into the main risk event for this week, the US non-farm payrolls data due later in the NY session.

    USD/CHF Technical Levels

    To the upside, the next resistance is located 0.9985 (Nov 5 High) levels and above which it could extend gains to 1.1000 (Parity). To the downside, immediate support might be located at 0.9944 (Today’s Low/ 1h 50-SMA) and below that at 0.9905 (10-DMA).
    For more information, read our latest forex news.

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