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USD/CHF treading water below 1.0000

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 10, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The greenback keeps the firm footing vs. the Swiss franc during the second half of the week, with USD/CHF meandering below the parity level.

    USD/CHF boosted by risk-on trade

    The pair is extending its weekly upside in response to a pick up in the risk-appetite trends, prompting traders to accelerate their outflows from the safe haven CHF. However, a sustainable break above the parity level still remains elusive for bulls, against the backdrop of indecisive price action around the US dollar.

    Nothing in terms of data in Switzerland today, whereas Initial Claims will be the only publication of note in the US calendar.

    USD/CHF key levels

    The pair is now up 0.08% at 0.9970 facing the next up barrier at 1.0031 (61.8% Fibo of 1.0262-0.9658) 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 0.9931 (20-day sma) would open the door to 0.9801 (23.6% Fibo of 1.0262-0.9658) and then 0.9787 (200-day sma).
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