USD CHF sticks to improving gains
9/16/2016 7:18:08 AM
The USD/CHF pair is now seen expanding bounce from sub-0.9700 handle to currently trade around 0.9725 level.
The pair on Thursday dipped below 0.9700 handle in the result of disappointing US monthly retail sales, which ruined hopes of a Fed rate-hike action next week. The pair, though, succeeded to preserve weekly low support and hold its near-term trading range. Earlier on Thursday, the pair jumped above 50-day SMA but failed to develop to its up-move in spite of a descending amendment to SNB's inflation projection.
From current levels, 0.9745/55 confluence region might carry on to act as immediate strong persistence. Only a continued strength above this important persistence, and a following move above 0.9785, would open room for additional near-term appreciating move for the pair.