Wednesday, November 18, 2015

USD/CHF revisits Tuesday’s high, strongest since SNB shocker

FXStreet (Mumbai) - A renewed risk-on wave hit the markets, driving USD/CHF towards the highest levels since SNB shocker, near 1.0170 levels.

USD/CHF tries to take out Tuesday’s high

Currently, the USD/CHF pair gains 0.22% to trade few pips shy of fresh ten-month highs posted at 1.0171 on Tuesday. A rebound in the risk sentiment after most major Asian indices turned positive, dulled the Swiss franc’s appeal as a safety bet.

Moreover, the US dollar is seen picking-up pace and scores fresh seven-month highs against its major competitors, and thus, boosts the upside in USD/CHF. The USD index rises 0.11% to 99.83.

Later today, the major is expected to trade firmer backed by persisting US dollar strength, after the latest US CPI report further bolstered Dec Fed rate hike bets. Also, the FOMC minutes due later in the day are likely to hog the limelight.

USD/CHF Technical Levels

To the upside, the next resistance is located 1.0200 (round number) levels and above which it could extend gains to 1.0245 (Jan Highs). To the downside, immediate support might be located at 1.0144/42 (1h 20-SMA/ daily low) and below that at 1.0129 (March high).
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