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10 Sep 2013
USD/CHF is trading at the upper level again
FXstreet.com (Athens)- The USD/CHF managed to get out of the recent downfall trend, hitting a high as of 0.9337 on a quiet calendar day, regarding US session.
Will USD/CHF break the 0.9350 resistance (50/200 daily EMA area) to trend up higher?
After two days of consecutive daily losses of almost 123 pips, the pair found the momentum to trade higher. Elaborating on, the “ Swissie’ lost its appealing on news wire that suggest ““Syria welcomed Russian proposal to put its chemical weapons under international control and US military strike could be abating.” On the other hand, the monthly reads on Swiss unemployment and Swiss retail sales figures came in just about as expected but still failing to affect the pair, as risk-sentiment hits “on” button again. US President Obama will be addressing the issue in a nationally-televised address tonight. Finally, the NFIB small business optimism survey for August will be released today.
Technical Outlook on USD/CHF
Traders should never forget that there is a highly strong and negative correlation between the USD/CHF and the EUR/USD. Thus, a move above 0.9500 in the USD/CHF would probably mean that the EUR/USD would be under high pressure and vice-versa. At the time of writing, the pair is trading at 0.9340, up 0.15%. The daily close below 0.9350, where is both the area of 50 EMA and 200 EMA, is a bearish sign that investors should well respect of.The FXstreet.com Trend Index shows the pair to be slightly bullish and overbought in the 15 minutes framework. Daily pivot point support can be found at S3: 0.9307 S2: 0.9284 S1:0.9260 and resistance at R1:0.9417 R2:0.9441 R3:0.9464, respectively.
Will USD/CHF break the 0.9350 resistance (50/200 daily EMA area) to trend up higher?
After two days of consecutive daily losses of almost 123 pips, the pair found the momentum to trade higher. Elaborating on, the “ Swissie’ lost its appealing on news wire that suggest ““Syria welcomed Russian proposal to put its chemical weapons under international control and US military strike could be abating.” On the other hand, the monthly reads on Swiss unemployment and Swiss retail sales figures came in just about as expected but still failing to affect the pair, as risk-sentiment hits “on” button again. US President Obama will be addressing the issue in a nationally-televised address tonight. Finally, the NFIB small business optimism survey for August will be released today.
Technical Outlook on USD/CHF
Traders should never forget that there is a highly strong and negative correlation between the USD/CHF and the EUR/USD. Thus, a move above 0.9500 in the USD/CHF would probably mean that the EUR/USD would be under high pressure and vice-versa. At the time of writing, the pair is trading at 0.9340, up 0.15%. The daily close below 0.9350, where is both the area of 50 EMA and 200 EMA, is a bearish sign that investors should well respect of.The FXstreet.com Trend Index shows the pair to be slightly bullish and overbought in the 15 minutes framework. Daily pivot point support can be found at S3: 0.9307 S2: 0.9284 S1:0.9260 and resistance at R1:0.9417 R2:0.9441 R3:0.9464, respectively.