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USD/CHF treading water below 0.9900

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The upbeat tone around the greenback seems to be insufficient to push USD/CHF higher today, remaining below the 0.9900 handle albeit on a positive note.

    USD/CHF down from 1.0100

    Spot has quickly faded yesterday’s spike to the 1.0100 neighbourhood after market sentiment reversed the initial reaction to the additional measures by the European Central Bank

    Today’s better bid tone in the US dollar has helped the pair to rebound from yesterday’s 3-week lows in the boundaries of the key support at 0.9800 the figure, supported at the same time by a favourable risk-on environment.

    USD/CHF key levels

    The pair is now up 0.08% at 0.9856 facing the next up barrier at 1.0098 (high Mar.10) ahead of 1.0120 (76.4% Fibo of 1.0262-0.9658) and finally 1.0262 (2016 high Jan.29). On the other hand, a break below 0.9804 (post-ECB low Mar.10) would open the door to 0.9801 (23.6% Fibo of 1.0262-0.9658) and then 0.9789 (200-day sma).
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