USD/CHF reclaims 1.0300 handle, hits fresh yearly high

Haresh Menghani FXStreet

Having surged to its highest level since Nov. 2015, the USD/CHF pair retreated few pips and is currently hovering around 1.0300 handle.

The pair on Thursday gained further traction on Thursday and added on to overnight break-out momentum, led by hawkish Fed, after SNB Chairman Thomas Jordan commented on possibilities of another rate cut and showed willingness to intervene in the FX markets to halt any significant appreciation of the Swiss Franc.

Adding to this, the prevalent bullish sentiment surrounding the US Dollar, especially after yesterday’s FOMC decision to raise its key lending rate and upgraded economic outlook for 2017, is also contributing to the pair's strong up-surge to fresh yearly highs.

Focus now shift to US economic docket, featuring the release of inflation data, Philly Fed Manufacturing Index and usual weekly jobless claims data, due in a short while from now.

Technical levels to watch

Immediate downside support is now seen at previous resistance near 1.0255-50 region below which the pair is likely to witness an additional profit taking slide towards 1.0210-1.0200 region. On the upside, momentum above Nov. 2015 highs resistance near 1.0325 region now seem to pave way for continuation of the pair's upward trajectory towards its next major hurdle near 1.0400 round figure mark.

Sell 50%

Buy 50%

Avg Sell Price 1.0133

Avg Buy Price 1.0073

Liquidity Distribution

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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