USD/CHF stages solid comeback, around 0.9900

FXStreet (Mumbai) – The USD/CHF pair finally broke through the Asian consolidative mode and spiked higher stepping into the early European trades.

USD/CHF eyes NY highs

Currently, the USD/CHF pair trades 0.13% higher at fresh session highs of 0.9903, having found renewed bids once again at 1.0960 levels. The major was caught by a fresh bid wave last minutes and jumped above 0.99 handle, posing a solid recovery from near 100-DMA located at 0.9868.

Calm seems to have spread across the markets as traders remain wary over global economic prospects heading into 2016, triggering a renewed bout of risk-aversion and boosting the demand for safety assets such as the CHF. Amid a lack of fresh fundamental triggers in Europe, attention now shifts towards the US weekly jobless claims and Chicago PMI data due out in the NY session.

USD/CHF Technical Levels

To the upside, the next resistance is located 0.9943 (Dec 29 High) levels and above which it could extend gains to 0.9974 (Dec 21 High). To the downside, immediate support might be located at 0.9867 (100-DMA) and below that 0.9819 (daily S2).

The USD/CHF pair finally broke through the Asian consolidative mode and spiked higher stepping into the early European trades.


(Market News Provided by FXstreet)