FXStreet (Mumbai) - The bid tone on the USD keeps growing bigger as we progress towards the early European trades, now taking USD/CHF to multi-month highs above 1.01 barrier.
USD/CHF supported at 1h 20-SMA
Currently, the USD/CHF pair gains 0.17% to trade at fresh eight month highs of 1.0115. The major found renewed strength at the hourly 20-SMA support and bounced to the upside, regaining 1.01 handle and beyond.
The major extends its winning streak into a fourth day today, mainly driven by the ongoing strength seen in the US dollar against its major rivals. Markets prefer to hold the world’s reserve currency, the USD, in times of uncertainties lately sparked by Paris terror attacks.
Later today, the major will track the sentiment on the European stocks ahead of the US inflation data which will provide further momentum.
USD/CHF Technical Levels
To the upside, the next resistance is located 1.0129 (March High) levels and above which it could extend gains to 1.0200 (round number). To the downside, immediate support might be located at 1.0092 (1h 20-SMA) and below that at 1.0053/32 (1h 100 & 200-SMA).
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