FXStreet (Edinburgh) – USD/CHF has lost some upside momentum following the opening bell in Europe, now giving away part of its early gains and returning to the 1.0070/65 band.
USD/CHF upside capped above 1.0080
The increasing risk appetite has picked up pace during the Asian session after the Chinese GDP figures, prompting traders to move away from the safe haven CHF in favour of the greenback.
Data wise in the Alpine economy, Producer and Import Prices have contracted more than expected during December, 0.4% on a monthly basis and 5.5% YoY, whereas the US docket will see the NAHB index seconded by TIC Flows.
USD/CHF significant levels
The pair is now gaining 0.25% at 1.0075 with the next resistance at 1.0125 (38.2% Fibo of 1.0335-0.9784) followed by 1.0206 (23.6% Fibo of 1.0335-0.9784) and then 1.0335 (high Nov.26). On the other hand, a breakdown of 1.0024 (55-day sma) would open the door to 0.9993 (20-day sma) and finally 0.9889 (100-day sma).
(Market News Provided by FXstreet)