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31 Mar 2014
USD/CHF testing key support on 0.88 handle.
FXStreet (Guatemala) - USD/CHF testing key support on 0.88 handle
USD/CHF had been moving through key resistance but is now lower again but within bullish ranges still.
USD/CHF to hold at support?
Currently, USD/CHF is trading at 0.8838, down -0.34% on the day, having posted a daily high at 0.8891 and low at 0.8825. Karen Jones, chief analyst at Commerzbank noted, that, USD/CHF has at last started to erode the 38.2% retracement at 0.8873 – we will need to see a close above here in order to confirm a break higher and we should then see further gains to the 0.8927/30 26th February high and eventually the 200 day ma at 0.9101.Dips lower should remain well supported on moves to 0.8800/0.8775, this is the low seen in December and the 28th February low. While under pinned here we should see recovery. The Elliott wave count on the 240 minute chart suggests dips lower will terminate circa 0.8825/00.
USD/CHF Levels
Spot is presently trading at 0.8840, and next resistance can be seen at 0.8845 (Daily Classic S1), 0.8848 (Yesterday's Low), 0.8851 (Hourly 20EMA), 0.8852 (Weekly Classic PP) and 0.8855 (Hourly 100 SMA). Next support to the downside can be found at 0.8836 (Hourly 200 SMA), 0.8829 (Daily 20 SMA), 0.8825 (Daily Low), 0.8821 (Daily Classic S2) and 0.8809 (Weekly Low). Regarding candlestick formations, we can see Doji and Hammer formation on the 1-hour.
USD/CHF had been moving through key resistance but is now lower again but within bullish ranges still.
USD/CHF to hold at support?
Currently, USD/CHF is trading at 0.8838, down -0.34% on the day, having posted a daily high at 0.8891 and low at 0.8825. Karen Jones, chief analyst at Commerzbank noted, that, USD/CHF has at last started to erode the 38.2% retracement at 0.8873 – we will need to see a close above here in order to confirm a break higher and we should then see further gains to the 0.8927/30 26th February high and eventually the 200 day ma at 0.9101.Dips lower should remain well supported on moves to 0.8800/0.8775, this is the low seen in December and the 28th February low. While under pinned here we should see recovery. The Elliott wave count on the 240 minute chart suggests dips lower will terminate circa 0.8825/00.
USD/CHF Levels
Spot is presently trading at 0.8840, and next resistance can be seen at 0.8845 (Daily Classic S1), 0.8848 (Yesterday's Low), 0.8851 (Hourly 20EMA), 0.8852 (Weekly Classic PP) and 0.8855 (Hourly 100 SMA). Next support to the downside can be found at 0.8836 (Hourly 200 SMA), 0.8829 (Daily 20 SMA), 0.8825 (Daily Low), 0.8821 (Daily Classic S2) and 0.8809 (Weekly Low). Regarding candlestick formations, we can see Doji and Hammer formation on the 1-hour.