USD/CHF retreats sharply from multi-year highs

FXStreet (Córdoba) – USD/CHF jumped at the beginning of the American session to 1.0260, hitting the highest level since September 2010. Afterwards it retreated sharply and dropped back below 1.0200.

Greenback lost strength across the board and trimmed gains; it still remains in positive territory against the euro and the yen.

USD/CHF: Will it hold above 1.0200?

The pair currently is hovering around 1.0200. It would be important if the pair manages to end the day above the mentioned area. If it holds above it could gain support for an extension of the bullish run. On the opposite direction if the pair ends today significantly below 1.0200, it could be a signal of a reversal, that would expose 1.0140 (Nov 24 & 25 low) and 1.0120 (Nov 19 & 20 low).

Despite moving away from the highs, USD/CHF is still up for the day and headed toward the strongest close in five years.

USD/CHF jumped at the beginning of the American session to 1.0260, hitting the highest level since September 2010. Afterwards it retreated sharply and dropped back below 1.0200.

(Market News Provided by FXstreet)