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USD/CHF trims losses after Jordan’s comments

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The USD/CHF pair turned higher from the session low of 1.0127 after the SNB’s Jordan said the bank is ready to intervene in the FX markets if required.

    Back in the positive territory

    The pair is back in the positive territory; trading around 1.0154, thereby marking a failure of the double top formation breakout on the hourly chart. SNB’s Jordan said negative rates target overvalued CHF and the bank is ready to intervene to address the issue of overvalued CHF.

    The focus now is on the US FOMC minutes of the October meeting, which are widely expected to reinforce the expectations of a liftoff in December.

    USD/CHF Technical Levels

    At 1.0154, the immediate resistance is seen at 1.017 (daily high), above which the pair could rise to 1.0240 (Jan high). On the other hand, a break below 1.0127 (daily low) would expose hourly 100-MA at 1.0081.
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