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11 Sep 2015
USD/CHF: Two day drop stalls at hourly 200-MA
FXStreet (Mumbai) - The two-day drop in the USD/CHF appears to have stalled as the pair repeatedly finds it hard to break below its hourly 100-MA currently located at 0.9721.
USD sold ahead of the FOMC
The Greenback was sold against most majors in the previous two sessions as the markets focused on the comments from the anti-Fed rate hike lobby – IMF and World Bank. The safe haven CHF also received support from the weakness in the US stocks on Wednesday and the drop in European stocks on Thursday.
At the moment, the spot is trading around 0.9725; stuck between its 5-DMA and 10-DMA at 0.9747 and 0.9714 levels, respectively.
USD/CHF Technical Levels
The immediate support is located at 0.97, under which the spot could drop to 0.9671 (Aug 27 high). On the other side, resistance is located at 0.9771 (Sep 3 high) and 0.98 levels.
USD sold ahead of the FOMC
The Greenback was sold against most majors in the previous two sessions as the markets focused on the comments from the anti-Fed rate hike lobby – IMF and World Bank. The safe haven CHF also received support from the weakness in the US stocks on Wednesday and the drop in European stocks on Thursday.
At the moment, the spot is trading around 0.9725; stuck between its 5-DMA and 10-DMA at 0.9747 and 0.9714 levels, respectively.
USD/CHF Technical Levels
The immediate support is located at 0.97, under which the spot could drop to 0.9671 (Aug 27 high). On the other side, resistance is located at 0.9771 (Sep 3 high) and 0.98 levels.