USD/CHF above 1.0000 pushing against 1.0065 two-year high

The dollar breaks above parity and reaches a two-year high at 1.0065.
Hopes of Fed tightening are boosting the US dollar.
USD/CHF: Above 1.0074/98, higher targets are likely – Credit Suisse.

Guillermo Alcala FXStreet

The US dollar has extended its rally against the Swiss Franc on Friday, breaking finally above the parity level, to test May highs at 1.0065. The pair is on track to close its fifth consecutive positive week after rushing 5% up from mid-September lows.

The greenback surges on Fed tightening hopes

The US consumer price data released on Thursday confirmed the resilient inflationary pressures on Thursday and boosted confidence in a fourth consecutive 0.75% Fed hike in November. This has increased the attractiveness of the US dollar for investors.

Furthermore, the growing concerns about a global recession on the back of a series of downbeat figures are also favoring the US dollar, seen as a safe haven in times of uncertainty.

USD/CHF: Breach of 1.0074/98 will open the path for higher targets – Credit Suisse

FX analysts at Credit Suisse point out a key resistance area at 1.0074/98: “Above the 1.0074/98 major barrier would be seen to clear the way for strength to the highs of 2019 at 1.0226/35.”

Technical levels to watch

USD/CHF

Overview
Today last price	1.0048
Today Daily Change	0.0049
Today Daily Change %	0.49
Today daily open	0.9999

Trends
Daily SMA20	0.9839
Daily SMA50	0.9711
Daily SMA100	0.9695
Daily SMA200	0.9547

Levels
Previous Daily High	1.0074
Previous Daily Low	0.996
Previous Weekly High	0.9954
Previous Weekly Low	0.9781
Previous Monthly High	0.9966
Previous Monthly Low	0.948
Daily Fibonacci 38.2%	1.0031
Daily Fibonacci 61.8%	1.0004
Daily Pivot Point S1	0.9948
Daily Pivot Point S2	0.9898
Daily Pivot Point S3	0.9835
Daily Pivot Point R1	1.0062
Daily Pivot Point R2	1.0125
Daily Pivot Point R3	1.0176

Author

Guillermo Alcala

FXStreet

Graduated in Communication Sciences at the Universidad del Pais Vasco and Universiteit van Amsterdam, Guillermo has been working as financial news editor and copywriter in diverse Forex-related firms, like FXStreet and Kantox.

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