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USD/CHF tests 100-DMA, nears key Fibo support

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 14, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The USD/CHF clocked a session low between 0.9805 (100-DMA) and 0.9802 (61.8% of Oct low-Nov high).

    CHF tracks EUR

    The recovery in the EUR/USD also saw the USD/CHF pair erase gains and fall into losses as the CHF continues to track the EUR. The rise in the EUR/USD stalled as it neared 1.10 levels, which ensured the USD/CHF pair witness a minor bounce from the 100-DMA at 0.9805 levels.

    The currency pair could continue to track the movement in the EUR/USD pair, since the data docket is empty in the US. The pair currently trades around 0.9825 levels.

    USD/CHF Technical Levels

    The immediate resistance is seen at 0.9858 (hourly 50-MA) and 0.9873 (hourly 100-MA), above which the pair could test 0.9902 (50% of Oct low-Nov high). On the other hand, a break below 0.9802 (61.8% of Oct low-Nov high) would expose 0.9677 (76.4% of Oct low-Nov high).
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