USD/CHF retreats from parity back to 0.9940

Matías Salord FXStreet

USD/CHF is hovering around 0.9930/40 where it has been trading most of the time during the last three trading days. Earlier, after the beginning of the American session, it jumped to test the parity level but it pulled back later, erasing all gains.

The price peaked at 0.9998, level last seen back in March and a few hours later it was trading near daily lows, located at 0.9930. The moves were lead by the US dollar that initially jumped in the market and then pulled back after a dramatic reversion.

Today USD/CHF is headed toward the third daily close in a row around 0.9930. It represents a pause in the USD rally that pushed the pair from 0.9650 at the end of September to test today the parity level.

USD/CHF technical levels

In terms of technical levels, immediate resistances are seen at 0.9960 (Oct 21 high), 1.0000 (psychological level) and 1.0035/40 (Mar 9 high). On the flip side, supports could be found at 0.9930 (daily low), 0.9911 (10-day SMA) and 0.9850/55 (Oct 14 low).

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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