Trading news

USD/CHF building on momentum back above parity mark

The USD/CHF pair gained further traction on Friday and built on Thursday's strong up-surge through 100-day SMA hurdle.

The pair held on to its move back above parity mark amid renewed optimism surrounding Trump's economic policies, which many analysts think would accelerate growth and add inflationary pressure to the economy. Trump's announcement on Thursday, to unveil a “phenomenal” tax plan in coming weeks, sparked a broad based US Dollar rally and assisted the pair to break through recent consolidation phase and jump to nearly two-week highs.

Meanwhile, improving investor risk-appetite, as depicted by positive trading sentiment in European equity markets, is further weighing on the Swiss Franc's safe-haven appeal and helping the pair to build on Trump-reflation trade.

Traders on Friday will now look forward to the release of Prelim UoM Consumer Sentiment from the US in order to grab some short-term trading opportunities.

Technical levels to watch

Currently trading around 1.0025 region, immediate upside resistance is pegged at 1.0045 level (Jan. 30 high) above which the pair is likely to aim towards 1.0095 resistance (Jan. 20 high). Meanwhile on the downside, 100-day SMA near 1.00-0.9995 region now becomes immediate support to defend, which if broken could drag the pair towards 0.9975 horizontal zone ahead of 0.9950 support.

AG Markets Review

Friday, 10 Feb, 2017 / 5:03

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Source : https://www.ag-markets.com/news/

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