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USD/CHF tests key resistance near 1.0065

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 21, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The USD/CHF pair picked-up significant strength in recent dealings and jumped back on the bids, as the European stocks flipped back to gains.

    USD/CHF bounced-off lows near 20-DMA

    Currently, the USD/CHF pair trades 0.11% higher at 1.0055, reversing a spike to 1.0062 fresh session highs. The risk currency US dollar, found some support from the ongoing recovery in the European stocks and lifted USD/CHF from a brief downward spike to 1.0012, where the 20-DMA intersects.

    However, the upside remains capped as the pair fails to take-out key resistance near 1.0065 region, while the dip in the oil prices again combined with the cautiousness ahead of the ECB decision is also likely to keep a check on the prices.

    Looking ahead, markets now await the US economic releases, including the weekly jobless claims report and Philly Fed manufacturing gauge for fresh USD moves.

    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 1.0124/31 (Jan 5 & 6 High). To the downside, immediate support might be located at 1.0016 (20-DMA) and below that 0.9963/54 (Jan 12 & 15 Low).
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