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