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Trading news
3 Nov 2014
USD/CHF retreats after reaching 15-month highs
FXStreet (Córdoba) - The US dollar pulled back against European currencies during the last few hours trimming gains. USD/CHF rose at the beginning of the week to 0.9689, reaching the highest price since July 10, 2012 but then retreated.
The pair failed to consolidate above 0.9675 on Asian hours and pulled back further afterwards despite weak data from the Eurozone. Recently bottomed at 0.9635, where daily lows lie. Currently trades at 0.9645, up 0.22% from Friday’s closing price; rising for the fourth day in a row.
USD/CHF remains below importante resistance
To the upside, the area below 0.9700 is a strong resistance level to consider. During August and September the pair reached fresh highs at 0.9683 and 0.9685 respectively; but weakened and retreated. Between 0.9680 and 0.9700 resistance is expected, if USD/CHF rises above here, it could trigger stops.
The pair failed to consolidate above 0.9675 on Asian hours and pulled back further afterwards despite weak data from the Eurozone. Recently bottomed at 0.9635, where daily lows lie. Currently trades at 0.9645, up 0.22% from Friday’s closing price; rising for the fourth day in a row.
USD/CHF remains below importante resistance
To the upside, the area below 0.9700 is a strong resistance level to consider. During August and September the pair reached fresh highs at 0.9683 and 0.9685 respectively; but weakened and retreated. Between 0.9680 and 0.9700 resistance is expected, if USD/CHF rises above here, it could trigger stops.