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10 Apr 2015
USD/CHF hits fresh 3-week highs above 0.98
FXStreet (Mumbai) - USD/CHF reversed losses and rebounded to fresh three-week highs during the European morning, breaking above 0.98 handle, as the pair advanced higher correlating gains seen in the greenback against its major competitors.
USD/CHF rises from 0.9762
Currently, the USD/CHF trades higher by 0.39% at fresh three week highs at 0.9818, piercing through the 0.98 barrier. The pair edged higher largely on the back of the extension of the USD rally for the fifth straight session following upbeat US fundamentals amid Fed rate hike talks back on table induced by hawkish FOMC minutes released earlier this week.
The US dollar index which measures the relative strength of the greenback against a basket of six major currencies trades higher by 0.44% at fresh 3 week highs at 99.72.
Karen Jones, Head of Technical Analysis at Commerzbank, notes, “USD/CHF continues to rebound off 0.9484, and while it holds, resistance around the early December high at 0.9818 and more significant resistance at 1.0000 and also at the March high at 1.0128 should be reached.”
USD/CHF Technical Levels
To the upside, the next resistance is located at 0.9850 levels and above which it could extend gains to 0.9880 levels. To the downside, immediate support might be located at 0.9770 levels and below that at 0.9700 levels.
USD/CHF rises from 0.9762
Currently, the USD/CHF trades higher by 0.39% at fresh three week highs at 0.9818, piercing through the 0.98 barrier. The pair edged higher largely on the back of the extension of the USD rally for the fifth straight session following upbeat US fundamentals amid Fed rate hike talks back on table induced by hawkish FOMC minutes released earlier this week.
The US dollar index which measures the relative strength of the greenback against a basket of six major currencies trades higher by 0.44% at fresh 3 week highs at 99.72.
Karen Jones, Head of Technical Analysis at Commerzbank, notes, “USD/CHF continues to rebound off 0.9484, and while it holds, resistance around the early December high at 0.9818 and more significant resistance at 1.0000 and also at the March high at 1.0128 should be reached.”
USD/CHF Technical Levels
To the upside, the next resistance is located at 0.9850 levels and above which it could extend gains to 0.9880 levels. To the downside, immediate support might be located at 0.9770 levels and below that at 0.9700 levels.