USD/CHF pushes higher to 1.0120, daily tops

Fri, Jan 22 2016, 12:03 GMT | FXStreet

FXStreet (Edinburgh) - The Swiss franc is extending its daily depreciation, now lifting USD/CHF beyond the 1.0120 area, or session peaks.

USD/CHF firmer on risk-on trade

Market participants are intensifying its flight away from the safe haven CHF, against a backdrop of rising risk appetite fuelled by yesterday's dovish tone from the ECB meeting.

Crude oil prices are back to the fore today, with the barrel of Brent crude advancing more than 6% beyond the $31.00 mark, collaborating further with the risk-on trade.

Ahead in the session, US Existing Home Sales and Markit's flash manufacturing PMI are in the limelight, followed by CB's Leading Index.

USD/CHF significant levels

The pair is now advancing 0.56% at 1.0118 and a breakout of 1.020 6 (23.6% Fibo of 1.0335-0.9784) would expose 1.0260 (high Nov.26) and then 1.0335 (high Nov.26). On the flip side, immediate support lines up at 0.9954 (low Jan.15) ahead of 0.9914 (76.4% Fibo of 1.0335-0.9784) and finally 0.9896 (100-day sma).

S3	S2	S1	R1	R2	R3
0.9987	1.0012	1.0037	1.0172	1.0197	1.0223

Trend Index	OB/OS Index
Data updated on Jan 22 a 11:45 GMT (15-minute timeframe)
Slightly Bullish	Overbought

View USD/CHF technical studies

Pablo Piovano

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Pablo Piovano, Economist and Lead European Editor, joined FXStreet in 2011 having worked in and managed Asset Allocation and Investment Research teams for a number of South American Financial Institutions.

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