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USD/CHF unable to hold above parity, approaches weekly lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - USD/CHF peaked after the release of the NFP report at 1.0050 but then quickly pulled back and trimmed daily gains. During the American session and as US stocks moved from gains to neutral territory, the pair weakened and moved toward weekly lows.

    Recently dropped to 0.9934, the same level it closed yesterday and then bounced to the upside. Near the end of trading, it was at 0.9970, up 35 pips for the day and modestly lower for the week.

    USD/CHF holds above relevant support

    The pair rebounded today but greenback failed to rise back above 1.0000. The intraday bias favor the Swiss franc but on a wider perspective the US dollar still trades above three relevant dynamic supports. The 20-week MA that stands at 0.9860, the 20-day MA at 0.9930 and the other is an uptrend line from October lows, currently around 0.9880.

    A consolidation below 0.9880 would favor a bigger decline, with a possible immediate target around December lows at 0.9780.
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