USD/CHF rejected near 1.0300, breaches 5-DMA support

The USD/CHF pair stalled its minor-recovery mode just shy of 1.03 handle as fresh sellers took over charge, knocking-off the pair below 5-DMA support located at 1.0275.

USD/CHF breaks through NY low

The offered tone behind the US dollar picked-up pace once again in mid-Asia, now pushing USD/CHF back into negative territory, despite a favorable sentiment towards risky assets such as oil, equities etc.

The major remains heavy largely on the back of broad retreat in the US dollar, as markets book profits on their USD longs after yesterday’s rally to fresh fourteen-year tops. The USD index now drops -0.16% to 103.09, extending the corrective slide from 103.63.

Markets now look forward to the SNB Quarterly bulletin and US existing home sales data amid light trading as most traders switch to the side-lines ahead of the Christmas holidays.

USD/CHF Technical Levels

To the upside, the next resistance is located at 1.0297 (daily high) and above which it could extend gains to 1.0331 (Nov 2015 high) and 1.0346 (multi-year high) next. To the downside, immediate support might be located at 1.0231 (10-DMA) and below that 1.0200 (round figure) and from there to 1.0178 (20-DMA).