Dollar Marches To 15-year Highs, Supporting USDCHF to Edge Higher

The U.S. dollar continued to strengthen on Tuesday, after closing 3.6% higher in 2016. The dollar index recorded its fourth straight year of gains and extended its bullish momentum to the first trading day of 2017.

The pair USDCHF added 0.54% to trade at 1.0294, contributing to lift the dollar index to its highest level in 15 years. The gauge of the greenback’s strength against other 6 major currencies jumped 1.1% to 103.31 – the level not seen since December 2002, according to FactSet data.

The gains on Tuesday continued to be buoyed by the momentum seen in late 2016 with expectations that President-elect Donald Trump will boost fiscal spending and reform taxes in an attempt to reinforce the U.S. economy.

Trade suggestion

Buy Stop at 1.03000, Take profit at 1.03400, Stop loss at 1.02800

Start Trading Forex, Indices, Commodities And Hundreds of Other Markets With Capital Street FX Now!

Leave a Reply

Your email address will not be published.