Monday, December 8, 2014

$USD/CHF reaches 19-month high above 0.9800

$USD/CHF extended gains to a fresh 19-month high Monday, as the dollar remains buoyed by outstanding US nonfarm payrolls numbers. 

$USD/CHF broke above the 0.9800 psychological level and climbed to a high of 0.9817 during the European session, tracking $EUR/USD moves. However, the pair eased somewhat as the dollar corrects across the board and it is currently trading at 0.9805, still up 0.22% on the day.

On the upside, a break above 0.9817 will bring 0.9839 May 2013 high into sight. On the downside, supports are seen at 0.9773 (daily low) and 0.9700/0.9698 (psychological level/10-day SMA).