10 Mar 2015
USD/CHF extends advance to fresh post-SNB meltdown highs above 0.9930
FXStreet (Tokyo) - After a brief period of consolidation around 0.9900, the USD/CHF is trading higher again and now it's reaching fresh highs since January 15, the day the SNB decided to change the Forex industry forever.
Since February 10, USD/CHF has recorded only three negative days: February 20, 25 and yesterday March 9 Besides that, 18 positive days have accumulated more than 700 pips upward in the USD/CHF, a path from 0.9200 to current highs.
Bias remains positive, specially as the USD/CHF is following its negative correlation with the EUR/USD and the mix between a weak euro plus the strong USD.
As for the short term, USD/CHF is trading at 0.9922, up 0.62% on the day, having posted a daily high at 0.9935 and low at 0.9854. The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bullish.
US Dollar to Franc Swiss exchange rate level
If the pair consolidates gains above 0.9900, it will find next resistances at 0.9940, 1.000 and 1.0040. To the downside, supports are at 0.9900, 0.9870 and 0.9840.
As Hantec Markets market analyst Richard Perry commented in the USD/CHF Forecast Poll, "the dollar rebound against Swissy has been strongly improving and the payrolls report only exacerbates the strong dollar position."
Perry also stated: "Unbelievably we are going to have to talk about the January high again soon."
Since February 10, USD/CHF has recorded only three negative days: February 20, 25 and yesterday March 9 Besides that, 18 positive days have accumulated more than 700 pips upward in the USD/CHF, a path from 0.9200 to current highs.
Bias remains positive, specially as the USD/CHF is following its negative correlation with the EUR/USD and the mix between a weak euro plus the strong USD.
As for the short term, USD/CHF is trading at 0.9922, up 0.62% on the day, having posted a daily high at 0.9935 and low at 0.9854. The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bullish.
US Dollar to Franc Swiss exchange rate level
If the pair consolidates gains above 0.9900, it will find next resistances at 0.9940, 1.000 and 1.0040. To the downside, supports are at 0.9900, 0.9870 and 0.9840.
As Hantec Markets market analyst Richard Perry commented in the USD/CHF Forecast Poll, "the dollar rebound against Swissy has been strongly improving and the payrolls report only exacerbates the strong dollar position."
Perry also stated: "Unbelievably we are going to have to talk about the January high again soon."