USD/CHF snaps 10-day winning streak

By FXStreet FXStreet (Mumbai) – The USD/CHF pair weakened in the European session, after having rallied for the ten consecutive sessions.

Rejected at Wednesday’s high

The spot was rejected at the previous session’s high of 0.9957. The Swiss Franc was higher ahead of the FOMC statement, but erased gains and fell sharply after the Fed left doors open for the December rate hike.

The sharp rally has left the pair overbought on the charts and thus exposed to technical correction. Ahead in the day, the technical correction could gain traction if the US GDP prints lower than expected.

USD/CHF Technical Levels

At 0.9923, the immediate support is seen at 0.9903 (Aug 11 high), under which the losses could be extended to 0.9844 (Sep 25 high). On the higher side, the pair could rise to 1.00 handle in case the spot manages to take out offers at 0.9957 (previous day’s high).
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Source:: FX Street