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19 Feb 2014
USD/CHF examining channel resistance
FXStreet (Guatemala) - USD/CHF is testing the resistance of the channel post FOMC minutes and a bullish statement coming from Fed’s Bullard.
USD/CHF has been range bound, 0.8860/95, and is riding upbeat comments and minutes from the FOMC meeting which indicate that the economic outlook is good with also a few of the participants of the meeting considering the possibility of a rate rise soon. Meanwhile, Karen Jones, chief analyst at Commerzbank explained, “The market will need to overcome its short term downtrend, this is located today at 0.8995 in order to alleviate downside pressure and re-target 0.9038 then 0.9082 (3rd February high) and only above 0.9082 will retarget the 0.9164 Fibonacci retracement”.
USD/CHF Levels
The 20 DMA is 0.8984, the 50 DMA is 0.8983 and the 200 DMA is 0.9195. RSI (14) reads 50.10. Supports are ascending from 0.8766, 0.8795, 0.8830 and 0.8860. Spot is 0.8880 while resistances are 0.8885, 0.8909, 0.8929 and 0.8949.
USD/CHF has been range bound, 0.8860/95, and is riding upbeat comments and minutes from the FOMC meeting which indicate that the economic outlook is good with also a few of the participants of the meeting considering the possibility of a rate rise soon. Meanwhile, Karen Jones, chief analyst at Commerzbank explained, “The market will need to overcome its short term downtrend, this is located today at 0.8995 in order to alleviate downside pressure and re-target 0.9038 then 0.9082 (3rd February high) and only above 0.9082 will retarget the 0.9164 Fibonacci retracement”.
USD/CHF Levels
The 20 DMA is 0.8984, the 50 DMA is 0.8983 and the 200 DMA is 0.9195. RSI (14) reads 50.10. Supports are ascending from 0.8766, 0.8795, 0.8830 and 0.8860. Spot is 0.8880 while resistances are 0.8885, 0.8909, 0.8929 and 0.8949.