19 Jan 2015
USD/CHF extends recovery mode, eyes 1.00 levels
FXStreet (Mumbai) - The US dollar extended its recovery mode against the Swiss franc in the early European morning, ending the previous week lower by 15.35% at 0.8575 levels.
Currently, the USD/CHF traded 0.86% higher at 0.8673 levels, trading very choppy in a tight range in absence of any major economic releases from the US as the US markets remain closed in observance of Martin Luther King Day. However, the pair is likely to remain volatile as markets continue to weigh the SNB's move and its devastating consequences for financial institutions, funds, investors, and small traders who had been holding levered long positions on EUR/CHF and have suffered to a great extent.
USD/CHF Technical Levels
To the upside, the next resistance is located at 0.8808 levels and above which it could extend gains to 0.89 levels. To the downside, immediate support might be located at 0.85 levels and below that at 0.84 levels.
Currently, the USD/CHF traded 0.86% higher at 0.8673 levels, trading very choppy in a tight range in absence of any major economic releases from the US as the US markets remain closed in observance of Martin Luther King Day. However, the pair is likely to remain volatile as markets continue to weigh the SNB's move and its devastating consequences for financial institutions, funds, investors, and small traders who had been holding levered long positions on EUR/CHF and have suffered to a great extent.
USD/CHF Technical Levels
To the upside, the next resistance is located at 0.8808 levels and above which it could extend gains to 0.89 levels. To the downside, immediate support might be located at 0.85 levels and below that at 0.84 levels.