USD CHF Trading News 2
11/2/2016 8:54:18 AM
The USD/CHF expands its bearish merging phase into Europe, now trying a minor-recovery towards the mid-point of 0.9700 handle heading into the US jobs and FOMC decision later today.
Currently, the USD/CHF pair trades -0.15% lower at 0.9740, repeating minor losses from monthly lows got at 0.9725. The USD/CHF pair stays on the back foot so far this session, merging yesterday’s broad downslide, as the sentiment stays favorable towards safety assets such as the CHF among resurfacing concerns surrounding the US elections, after a latest poll showed Trump leading the US presidential race.
Furthermore, broad based USD weakness on the back of improved carefulness ahead of the FOMC decision and US elections, also keeps the major under pressure. In the meantime, the USD index now trades 0.07% lower near fresh 2-week troughs got at 97.60 levels.
To the upside, the next persistence is placed at 0.9795 and above which it could expand gains to 0.9830 and 0.9884 next. To the downside, immediate support might be placed at 0.9700 and below that 0.9685 and from there to 0.9635.
Fundamental Analysis
by FxErvin
