USD/CHF Retreats from Highs, Tests 0.9700

USD/CHF Retreats from Highs, Tests 0.9700

10 May 2016, 08:48
Roberto Jacobs

USD/CHF Retreats from Highs, Tests 0.9700

The greenback keeps alive its march north on Tuesday, although USD/CHF has retreated from highs and returned to the 0.9700 neighbourhood.

USD/CHF lost momentum near 55-DMA

Spot has started the week on the wrong footing, although it so far manages to keep the trade above the 0.9700 handle amidst a renewed sentiment towards the greenback. However, gains appear to have lost some momentum in the 0.9730 area, where sits the 55-day sma, prompting sellers to drive the pair to the current area near the 0.9700 key support.

In the data space, Swiss unemployment has ticked higher to a seasonally adjusted 3.5% during April, while the speech by FOMC’s W.Dudley and the NFIB index are due later in the NA session.

USD/CHF key levels

The pair is now advancing 0.01% at 0.9712 facing the next up barrier at of 0.9730 (55-day sma) followed by 0.9802 (high Apr.22) and finally 0.9834 (200-day sma). On the other hand, a breach of 0.9677 (20-day sma) would expose 0.9441 (2016 high May 3) and then 0.9419 (monthly low Jul.9 2015).


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