Shares 156 Views

USD/CHF hits session peak as USD extends recovery

The USD/CHF pair gained some traction on Monday and staged a rebound from 0.9900 neighborhood amid modest greenback recovery.

Currently trading around 0.9945-40 region, testing session peaks, the pair remained confined within a near-term trading range between 200-day SMA support and 100-day SMA. Also on Friday, the pair reversed all of its early gains to 100-day SMA resistance in wake of mixed US jobs data, especially sluggish wage growth. 

On Monday, the pair caught fresh bids and reversed early dip to 0.9910 region led by broad based short-dollar unwinding trade, with the key US Dollar Index attempting a move back towards 100.00 psychological mark. The pair maintained its bid tone despite of the prevalent risk-off mood, as depicted by weaker sentiment surrounding European equity markets, which tends to benefit the Swiss Franc’s safe-haven appeal.

From technical perspective, it would be prudent to wait for a break-out through recent trading range before confirming the pair’s next leg of directional move. 

Technical levels to watch

Momentum above 0.9950 level, leading a subsequent strength above 0.9965 level, is likely to accelerate the up-move towards 100-day SMA resistance near 0.9990 region ahead of parity mark. On the flip side, weakness back below 0.9925-20 immediate support now seems to drag the pair towards 0.9890 horizontal support, which if broken would expose the very important 200-day SMA support near 0.9870-65 region.

You may be interested

shares13 views

Opinion | What is a Security Token Offering (STO) and Why You Need an Advisor

Brian Evans - Oct 08, 2018

About the Author: Jaron Lukasiewicz is the CEO and founder of Influential Capital. Jaron has been an executive in the industry since 2012, previously serving as CEO of Coinsetter, one…

shares18 views

World Economic Forum: Blockchains improve Global Economy

Brian Evans - Oct 08, 2018

Beginning as a technology for financial ledgers only, blockchains have grown to become the corporate hype word around the globe. It’s touted as the invention that will…

shares24 views

‘Rehypothecation’: More about the Wall Street Practice that Could Ruin Bitcoin

Brian Evans - Oct 08, 2018

Note: This is part 4 in a multi-part article series exploring rehypothecation and commingling in bitcoin and other cryptocurrency markets. Part 1 and part 2 are interviews…

Most from this category

%d bloggers like this: