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2 Dec 2014
USD/CHF jumps to 0.9700 but watch out options at NY cut today
FXStreet (San Francisco) - The USD/CHF extended its rally from the 0.9650 area to test the highest price since November 24 at 0.9705. However the pair found selling interest at this level and it's trading back at 0.9685.
Currently, USD/CHF is trading at 0.9690, up 0.49% on the day, having posted a daily high at 0.9707 and low at 0.9627. The hourly FXStreet OB/OS Index is showing overbought conditions, alongside the FXStreet Trend Index which is slightly bullish.
USD/CHF sentiment
There are middle size option expiries at the NY cut at 10:00 am ET. A couple of expiries at 0.9650 by USD 320m and 0.9685 by USD 1.15 bln could affect the current price the behavior of the current price action. As you may know, the theory says that the price action usually tries to match option exercise.
However, if the pair breaks above 0.700, it will face next resistances at 0.9715 and 0.9730. To the downside, the USD/CHF will find supports at 0.9680, 0.9650 and 0.9620.
Currently, USD/CHF is trading at 0.9690, up 0.49% on the day, having posted a daily high at 0.9707 and low at 0.9627. The hourly FXStreet OB/OS Index is showing overbought conditions, alongside the FXStreet Trend Index which is slightly bullish.
USD/CHF sentiment
There are middle size option expiries at the NY cut at 10:00 am ET. A couple of expiries at 0.9650 by USD 320m and 0.9685 by USD 1.15 bln could affect the current price the behavior of the current price action. As you may know, the theory says that the price action usually tries to match option exercise.
However, if the pair breaks above 0.700, it will face next resistances at 0.9715 and 0.9730. To the downside, the USD/CHF will find supports at 0.9680, 0.9650 and 0.9620.