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USD/CHF tracks USD lower, capped below 1h 20-SMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 18, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - After facing rejection at parity, USD/CHF keeps pushing lower in Asia, although hovers near the higher-end of the previous trading range.

    USD/CHF keeps losses around mid-point of 0.99 handle

    Currently, the USD/CHF pair trades -0.14% lower at 0.9947, oscillating in a slim range. The major gave up a part of previous gains and extends its correction into mid-Asia as the greenback continues to weaken across the board. Markets resorted to profit-taking on their USD longs after the recent Fed-backed strength and hence, drag USD/CHF lower.

    Moreover, the demand for the traditional safe-haven, the CHF, picked-up this session after the Asian equities turned negative following their US counterparts and the overnight decline in oil prices. This further collaborated to the minor correction seen in the USD/CHF pair.

    Meanwhile, the major will continue to track the broader market sentiment as well as the USD moves for further momentum amid a data-dry trading calendar today.

    USD/CHF Technical Levels

    To the upside, the next resistance is located 0.9961 (1h 20-SMA) levels and above which it could extend gains to 0.9994/1.0000 (Dec 17 High/ round number). To the downside, immediate support might be located at 0.9927 (1h 50-SMA) and below that 0.9909 (Dec 4 Low).
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