USD/CHF tests hourly 100-MA support

By FXStreet FXStreet (Mumbai) – The safe haven CHF continued to gain ground, with the USD/CHF pair now hovering around the hourly 100-MA support at 1.0012.

Focus on stocks

The pair remains at the mercy of the overall demand for the safe haven assets – CHF. As of now, the S&P 500 index futures are trading sideways. Hence, the drop in the USD/CHF pair appears to have stalled around the hourly 100-MA.

The pair could drop further if the US stocks drop after the opening bell and continue to remain risk averse till closing bell. Meanwhile, comments from the Fed’s Bullard may also affect the pair.

USD/CHF Technical Levels

The immediate support is seen at 1.00 handle, under which the pair could drop to 0.9966 (Jan 12 low). On the other hand, a resistance is seen at 1.0025 (hourly 200-MA), above which the pair may test the hourly 50-MA at 1.0051.
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Source:: FX Street