USD/CHF turns negative near 0.9670, Fedspeak eyed

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    After reaching fresh daily highs in the 0.9720 area, USD/CHF has sparked a leg lower to the current 0.9680 area.

    USD/CHF keeps 5-month lows

    Spot has faded the spike to daily tops above the 0.9700 barrier despite the prevailing context favouring the greenback, giving away gains and re-focusing the trade on yesterday’s multi-month lows in the mid-0.9600s.

    USD will remain under scrutiny ahead in the session, as the Reuters/Michigan index is due as well as speeches by FOMC’s Rosengren and Bullard.

    USD/CHF key levels

    The pair is now retreating 0.04% at 0.9672 facing the next support at 0.9647 (low Mar.17) ahead of 0.9523 (monthly low Sep.18 2015) and then 0.9473 (monthly low Oct.15 2015). On the other hand, a breakout of 0.9894 (20-day sma) would expose 0.9963 (55-day sma) and finally 1.0098 (post-ECB high Mar.10).
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