#USDCHF @ 1.00503 The dollar breaks above parity and reaches a two-year high at 1.0065. (Pivot Orderbook analysis)
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- The dollar breaks above parity and reaches a two-year high at 1.0065.
- Hopes of Fed tightening are boosting the US dollar.
- USD/CHF: Above 1.0074/98, higher targets are likely – Credit Suisse.
The pair currently trades last at 1.00503.
The previous day high was 1.0074 while the previous day low was 0.996. The daily 38.2% Fib levels comes at 1.0031, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0004, expected to provide support.
The US dollar has extended its rally against the Swiss Franc on Friday, breaking finally above the parity level, to test May highs at 1.0065. The pair is on track to close its fifth consecutive positive week after rushing 5% up from mid-September lows.
The US consumer price data released on Thursday confirmed the resilient inflationary pressures on Thursday and boosted confidence in a fourth consecutive 0.75% Fed hike in November. This has increased the attractiveness of the US dollar for investors.
Furthermore, the growing concerns about a global recession on the back of a series of downbeat figures are also favoring the US dollar, seen as a safe haven in times of uncertainty.
FX analysts at Credit Suisse point out a key resistance area at 1.0074/98: “Above the 1.0074/98 major barrier would be seen to clear the way for strength to the highs of 2019 at 1.0226/35.”
Technical Levels: Supports and Resistances
USDCHF currently trading at 1.0048 at the time of writing. Pair opened at 0.9999 and is trading with a change of 0.49 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.0048 |
| 1 | Today Daily Change | 0.0049 |
| 2 | Today Daily Change % | 0.4900 |
| 3 | Today daily open | 0.9999 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 0.9839, 50 SMA 0.9711, 100 SMA @ 0.9695 and 200 SMA @ 0.9547.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 0.9839 |
| 1 | Daily SMA50 | 0.9711 |
| 2 | Daily SMA100 | 0.9695 |
| 3 | Daily SMA200 | 0.9547 |
The previous day high was 1.0074 while the previous day low was 0.996. The daily 38.2% Fib levels comes at 1.0031, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0004, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 0.9948, 0.9898, 0.9835
- Pivot resistance is noted at 1.0062, 1.0125, 1.0176
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.0074 |
| Previous Daily Low | 0.9960 |
| Previous Weekly High | 0.9954 |
| Previous Weekly Low | 0.9781 |
| Previous Monthly High | 0.9966 |
| Previous Monthly Low | 0.9480 |
| Daily Fibonacci 38.2% | 1.0031 |
| Daily Fibonacci 61.8% | 1.0004 |
| Daily Pivot Point S1 | 0.9948 |
| Daily Pivot Point S2 | 0.9898 |
| Daily Pivot Point S3 | 0.9835 |
| Daily Pivot Point R1 | 1.0062 |
| Daily Pivot Point R2 | 1.0125 |
| Daily Pivot Point R3 | 1.0176 |
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