U.S. dollar strength continues. After USD/JPY break to the upside on Wednesday, USD/CHF followed yesterday. The pair rose above parity level and is currently testing year's high near 1.0050. It's pretty much open space above that with big figures as resistance levels. A break lower in EUR/USD would be helpful, given the correlation between euro and franc.
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SNB stands pat, USD/CHF supported
SNB keeps monetary policy unchanged. Shorter-term inflation forecast was bumped up while longer-term one was pared. They still deem the franc as highly valued and stand ready to intervene in the foreign exchange market. USD/CHF looks supported below the parity level. Absent new risk-off developments, the path of least resistance is to the upside.
USD/CHF bounces ahead of the weekend
Major currencies weakened against the dollar on Friday. Swiss franc was no exception. USD/CHF jumped 50 pips in the afternoon, possibly on some position squaring ahead of the sovereign money (VolleId) referendum. The pair looks to be in a downtrend since topping out above parity level in May, with 0.97 - 0.975 area the next target, if all goes as expected on Sunday.
USD/CHF breaks above parity level
USD/CHF rally has been impressive, 850 pips in just three months with half of the gains recorded last month. The pair broke above parity level on Friday. Today, it extended to 1.0050, the highest since last May. Correction, when it comes, will probably be a sharp one. For now, the parity level should provide initial support.
Swiss franc sold across the board today
Swiss franc weakened across the board today. USD/CHF used 100 DMA as a springboard for the move that took it to the highest level since January. EUR/CHF is trading at the highest levels since SNB discontinued minimum exchange rate at 1.20 in 2015. GBP/CHF is up 1000 pip from the low. A round of profit-taking would not come as a surprise at these levels.
U.S. dollar falls further on Mnuchin comments
U.S. dollar extended losses yesterday after treasury secretary Mnuchin told World Economic Forum that a weak dollar is good for trade. USD/CHF fell below 2014 - 2017 support line and stalled at the strong support area 0.94 - 0.945. A successful break would bring 0.90 - 0.91 into focus.
USD/CHF back above 0.98
USD/CHF broke above the pivotal 0.98 level, after spending one week below it. Position in the futures market is net short, but not at extreme levels, so there might still be some upside potential. Trendline, drawn off of October and December highs, is the area to keep an eye on.
USD/CHF to test 200 week SMA before bouncing
Technical Tools
Support and resistance (S/R). Price levels, trendlines and Fibonacci retracements. Price action, candlestick and chart patterns. Simple moving averages (SMA). Commitments of traders (COT) indicator, which displays speculative positioning in FX futures market, used as a proxy for speculative positioning in spot FX market.
Weekly Chart
USD/CHF broke below 200 week SMA and posted a weekly close below historically strong support at 0.95 twice, but losses were reversed promptly on bot…
Support and resistance (S/R). Price levels, trendlines and Fibonacci retracements. Price action, candlestick and chart patterns. Simple moving averages (SMA). Commitments of traders (COT) indicator, which displays speculative positioning in FX futures market, used as a proxy for speculative positioning in spot FX market.
Weekly Chart
USD/CHF broke below 200 week SMA and posted a weekly close below historically strong support at 0.95 twice, but losses were reversed promptly on bot…
USD/CHF in sell-rally mode still
As opposed to USD/JPY, USD/CHF hasn't been able to recover from yesterday's fall. With EUR/CHF near the new cycle-high, it shouldn't come as a surprise that Swissie decided to mirror EUR/USD rather than follow risk sentiment. 0.98 is about to get retested.
USD/CHF to test below 0.98 in December
Technical Tools
Support and resistance (S/R). Price levels, trendlines and Fibonacci retracements. Price action, candlestick and chart patterns. Simple moving averages (SMA). Commitments of traders (COT) indicator, which displays speculative positioning in FX futures market, used as a proxy for speculative positioning in spot FX market.
Weekly Chart
USD/CHF broke below 200 week SMA and posted a weekly close below historically strong support at 0.95 twice, but losses were reversed promptly on bot…
Support and resistance (S/R). Price levels, trendlines and Fibonacci retracements. Price action, candlestick and chart patterns. Simple moving averages (SMA). Commitments of traders (COT) indicator, which displays speculative positioning in FX futures market, used as a proxy for speculative positioning in spot FX market.
Weekly Chart
USD/CHF broke below 200 week SMA and posted a weekly close below historically strong support at 0.95 twice, but losses were reversed promptly on bot…