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USD/CHF tests resistance at 50-day SMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    USD/CHF extended gains into a fifth day in a row on Thursday and printed a 10-day high at the beginning of the New York session before finding resistance at the 50-day SMA.

    USD/CHF broke above the 0.9950 resistance area and peaked at 0.9967 in recent dealings. However, the pair found sellers around the 50-day SMA and lost momentum. At time of writing, USD/CHF is trading at 0.9960, recording a 0.38% gain on the day.

    USD/CHF levels to watch

    As for technical levels, next resistances are seen at 0.9967 (50-day SMA) and 0.9987 (20-day SMA) ahead of 1.0000 (psychological level). On the flip side, immediate support levels could be located 0.9904/00 (Feb 18 low/psychological level), 0.9852 (Feb 17 low) and 0.9836 (10-day SMA).
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