USD/CHF hits weekly highs near 1.0000
|- US dollar up across the board, rises after US data.
- USD/CHF gains for the fourth day in-a-row approaches 1.0000.
The USD/CHF pair continues to rise from 2-month lows and today reached 0.9982, the highest level in a week. It peaked after the release of the upbeat US retail sales report. Previously the pair was already higher, supported by risk aversion, a stronger US dollar and EZ PMI data.
The US Dollar Index (DXY) climbed from 97.10 to 97.68, a fresh 18-month high. It pulled back modestly from the top during the US session. Also, USD/CHF moved off highs. As of writing, trades at 0.9965, up 30 pips for the day and a hundred pips above Tuesday’s low.
Earlier today, Eurozone PMI data showed a significant slowdown in both the manufacturing and the services sector and boosted the pair. Regarding the US, November retail sales rose 0.2% in line with expectations but upward revisions to October's data and gains in the control group, completed an upbeat report. Also, US industrial production printed better-than-expected data. Those numbers were offset by PMI’s that slowdown more than estimates.
USD/CHF Levels to watch
The immediate support now is the 20-day moving average at 0.9950, followed by 0.9910 (Dec 12 & 13 low) and 0.9880. On the upside, resistance levels could be located at 0.9980/85 (Dec 14 high), 1.0005/10 (Dec highs) and 1.0045.
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