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    USD/CHF holding above 0.9600, still in red Haresh Menghani

    Thursday's bounce off day's through level of 0.9578 paused at 0.9656 and the USD/CHF pair is now trading week on Friday at 0.9625 level. The Swiss Franc continues to attract safe-haven flows on certainty surrounding the UK-EU referendum and remains an outperformer as compared to its European counterparts. Meanwhile, a global risk-off sentiment seems to extend some support to the greenback that has confined the USD/CHF pair within a tight trading range.Sustained buying interest surrounding the Swiss Franc seems to be pointing towards rising 'Brexit' worries and its negative implication on the UK economy. Historically the Swiss Franc has appreciated during the time of increasing uncertainty and at the times of sell-off in other asset classes, like equities. However, with the added uncertainty around the keenly awaited next week's FOMC meeting, a fresh bout of sharp sell-off for the greenback seems unlikely and hence could restrict further downside for the pair. Technical levels to watchBullish momentum above 0.9655-60 immediate resistance seems to get extended beyond 0.9700 handle, towards 20-day SMA resistance near 0.9720-25 region. On the flip side, drop back below 0.9600 handle is likely to open room for further depreciating move towards recent daily closing lows support near 0.9550-45 area.


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