FXStreet (Córdoba) – The Swiss franc weakened against the US dollar as main stocks indexes in Wall Street jumped to the upside following a rally in crude oil prices.
USD/CHF testing daily highs
The pair was moving with a bearish bias, falling from 1.0105 (Jan 13 high) until it found support near the 1.0000 zone and above the 100-hour MA. It rebounded initially to 1.0065 and then when it was about to test daily lows reversed and climbed in a few minutes from 1.0020 to 1.0089, hitting a fresh session high, slightly below daily highs that lie at 1.0091.
USD/CHF is trading at 1.0075, less than 20 pips above yesterday’s closing price. The Dow Jones that started in negative territory is now up by 150 points. The improvement in market sentiment weakened European currencies, particularly the euro.
USD/CHF technical levels
As mentioned, to the upside the short-term immediate resistance could be seen at 1.0091 (daily high), followed by 1.0105 (Jan 13 high) and 1.0125 (Jan 05 high). On the opposite direction, support levels might now be located at 1.0060 (20-hour MA), 1.0000/10 (psychological / daily low) and 0.9960 (20-day MA).
(Market News Provided by FXstreet)