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USD/CHF up for the day, but still under pressure

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 15, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - The Swiss franc is about to end the day lower versus the US dollar but still remains with favorable momentum.

    USD/CHF under key levels

    Today USD/CHF rose after the release of US inflation data to 0.9555 but it failed o to hold and pulled back toward 0.9500. It was trading at 0.9505, less than 20 pips above yesterday’s closing price.

    Greenback failed to hold to stronger gains and dropped back toward the lows as it continues to consolidate below the 0.9570 area, that become during 2015 a relevant price zone.

    On Wednesday USD/CHF posted the lowest close in almost two months. Today made a minor bullish correction and the short term trend continues to favor the downside. If greenback rises above 0.9570 it could remove bearish pressure, while the key level to change the trend is located around 0.9690 – 0.9700, where a short term downtrend line and the 20-day MA currently stand.
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