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USD/CHF testing lows near 1.0220

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The Swiss franc finds support from the persisting risk-off markets profile extended into Europe, keeping USD/CHF near the session lows.

    USD/CHF rejected at 1.0250

    Currently, the USD/CHF pair trades -0.11% lower at 1.0220, hovering close to fresh session lows struck at 1.0216 levels in late-Asia. The traditional safe-haven CHF remains bid in the European morning, as the weak Chinese PMI-fuelled risk-aversion continues to keep markets on the back foot and hence, drags USD/CHF lower.

    Moreover, the renewed sell-off in the black gold, as markets gradually outprice any supply cut from the cartel - OPEC, also rattled investors’ confidence once again and therefore, boosted the safe-haven bids for the Swiss currency.

    Meanwhile, attention now turns towards the US docket, with the ISM manufacturing and Core PCE price index to be reported later today.

    USD/CHF Technical Levels

    To the upside, the next resistance is located 1.0250 (Daily High) levels and above which it could extend gains to 1.0300/05 (round number/ Dec 1 High). To the downside, immediate support might be located at 1.0183 (1h 50-SMA) and below that 1.0311 (1h 200-SMA).
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