Wednesday, November 11, 2015

USD/CHF stays firm near March highs

FXStreet (Córdoba) - USD/CHF eased back from fresh 8-month highs scored the previous day, but overall remains firm as USD continues to benefit from prospects the Fed will start raising rates in December, while in contrast the SNB sticks to negative rates and FX intervention to curb franc overvaluation.

USD/CHF reached a peak of 1.0085 on Tuesday but retreated over the last hours as investors booked profits. However, the downside was contained by 1.0028 allowing the pair to stage a mild recovery. At time of writing, the pair is trading at 1.0055, virtually unchanged on the day.

USD/CHF levels to watch

On the upside, USD/CHF could face next resistances at 1.0089 (Mar 12 high) and then 1.0126 (Mar 12 high) followed by 1.0239, which is the 2015 high scored on Jan 14 pre-SNB shocker. On the downside, supports are seen at 0.9997 (Nov 9 low), 0.9943/41 (Nov 6 low/23.6% Fibo of 0.9475-1.0085) and 0.9920 (Nov 5 low).
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