USD/CHF clocks 13-month high, runs into 23.6% Fib R of 2000 high - 2011 low
|The sell-off in the Swiss Franc in Asia pushed the USD/CHF to a 13-month high of 0.9718 - which is also the 23.6% Fibonacci retracement of the fall from the 2000 high to 2011 low.
The one-month 25-delta risk reversal has jumped to minus 0.625; its highest level since May 15. The one-month ATM volatility is also hovering at the highest level since May.
This indicates the rally has legs and it is only a matter of time before the resistance offered by 0.9718 (23.6% Fib) is taken out. The 14-day RSI has turned bullish as well.
USD/CHF Technical Levels
The spot was last seen trading around 0.97 handle. A daily close above 0.9718 (23.6% Fib) would expose 0.9771 (June 15 high) and 0.9814 (100-DMA). On the lower side, breach of support at 0.9662 (1-hour 10-MA) would open doors for 0.96 (zero levels) and 0.9575 (1-hour 50-MA) levels.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.