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17 May 2013
USD/CHF – gapped out to break the 0.97 handle
FXstreet.com (London) - The pair has been leading the market and has gapped out on the charts this afternoon to break the 0.9700 level. Challenging Thursday’s high of 0.9709, these levels have not been traded since then all the way back in August 2012, in what is now a dollar positive environment.
The break came on the release of a dovish CPI reading for Canada, in a thin market ahead of the weekend and where much of the less confidant bulls had been squeezed out on stops across the majors of the past 24hrs.
The Swissie will mostly likely resume the recent ranges, and it is worth noting that gaps in the charts do tend to get filled, but as the end of the week approaches, there is still more volatility to play out ahead and resistances in the pair are 0.9710 (daily) and 0.9745 (weekly) on the daily / weekly candles. Support is…well, in the dollar its-self but technically it comes now as 0.9685 and 0.9645 pivot point (and EMA50).
The break came on the release of a dovish CPI reading for Canada, in a thin market ahead of the weekend and where much of the less confidant bulls had been squeezed out on stops across the majors of the past 24hrs.
The Swissie will mostly likely resume the recent ranges, and it is worth noting that gaps in the charts do tend to get filled, but as the end of the week approaches, there is still more volatility to play out ahead and resistances in the pair are 0.9710 (daily) and 0.9745 (weekly) on the daily / weekly candles. Support is…well, in the dollar its-self but technically it comes now as 0.9685 and 0.9645 pivot point (and EMA50).