29 Jan 2015
USD/CHF posts fresh session highs at 0.9116
FXStreet (Mumbai) - USD/CHF jumped to fresh session highs in the early European morning as the Swiss franc extends its downward trajectory on expectations of a probable SNB intervention.
Breaks above 0.9100
Currently, the USD/CHF traded 0.52% higher at 0.9097, having posted fresh session highs at 0.9116 levels an hour ago. The pair continues to remain elevated after the FOMC statement maintained its course of interest-rate stating that the US economy is showing signs of strength which boosted the USD across the board. Moreover, talks of SNB ready for further intervention and the Central bank likely to keep policy accommodative also continues to weigh on the Swiss franc.
On the Technical front, Karen Jones, Head of Technical Analysis at Commerzbank notes,
“USD/CHF continues to grind slowly higher and the market looks well placed to tackle .0.9128 (61.8% retracement of the sell off). In order to reassert upside pressure, a move back above 0.9166 is needed. Above here will signal recovery to the .9608/78.6% retracement of the same move.”
“Failure at .9128/66 should see a slide back to .8835/25. Support 0.8835/.8767 guards the .8452 16th January low.” “Shorter term (1-3 weeks): Downside bias below .9128/.9608”
USD/CHF Technical Levels
To the upside, the next resistance is located at 0.9116 levels and above which it could extend gains to 0.9165 levels. To the downside, immediate support might be located at 0.8986 levels and below that at 0.8936 levels.
Breaks above 0.9100
Currently, the USD/CHF traded 0.52% higher at 0.9097, having posted fresh session highs at 0.9116 levels an hour ago. The pair continues to remain elevated after the FOMC statement maintained its course of interest-rate stating that the US economy is showing signs of strength which boosted the USD across the board. Moreover, talks of SNB ready for further intervention and the Central bank likely to keep policy accommodative also continues to weigh on the Swiss franc.
On the Technical front, Karen Jones, Head of Technical Analysis at Commerzbank notes,
“USD/CHF continues to grind slowly higher and the market looks well placed to tackle .0.9128 (61.8% retracement of the sell off). In order to reassert upside pressure, a move back above 0.9166 is needed. Above here will signal recovery to the .9608/78.6% retracement of the same move.”
“Failure at .9128/66 should see a slide back to .8835/25. Support 0.8835/.8767 guards the .8452 16th January low.” “Shorter term (1-3 weeks): Downside bias below .9128/.9608”
USD/CHF Technical Levels
To the upside, the next resistance is located at 0.9116 levels and above which it could extend gains to 0.9165 levels. To the downside, immediate support might be located at 0.8986 levels and below that at 0.8936 levels.