USD/CHF upside falters ahead of 0.9900

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The buying interest around the US dollar is sustaining today’s upside in USD/CHF reverting part of last week’s deep pullback.

    USD/CHF supported at 0.9800

    Last week’s move by the ECB has prompted spot to test the 1.0100 level (6-week peaks) just to quickly revert the bullish attempt soon afterwards and drop to 3-week lows in the 0.9800 neighbourhood, where it has found decent support.

    Ahead in the week, the FOMC meeting is due on Wednesday (no rate hike but hawkish tone expected), while the SNB meeting should yield no surprises on Thursday.

    USD/CHF key levels

    The pair is now up 0.41% at 0.9868 facing the next up barrier at 0.9924 (20-day sma) ahead of 1.0031 (61.8% Fibo of 1.0262-0.9658) and finally 1.0098 (post-ECB high Mar.10). On the other hand, a break below 0.9804 (post-ECB low Mar.10) would open the door to 0.9801 (23.6% Fibo of 1.0262-0.9658) and then 0.9794 (200-day sma).
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