10 Jul 2013
USD/CHF tumbles to 0.9600 level after FOMC
FXstreet.com (New York) - The USD/CHF was facing heavy pressure as the FOMC essentially came out and revealed what most already had postulated – that QE would continue in the short-term, though may ultimately be extinguished by years end.
As such, the embattled USD/CHF was unable to notch a large advance, instead remaining bitterly entrenched in negative territory during US trading. Presently the pair is trading at just 0.9601, losing -1.27% on the day.
USD/CHF technical bias
Technically speaking, the USD/CHF is threatening a drop below the 0.9595 support, after already taking a tumble through 0.9667 (first support). Mataf.net analysts point to the 0.9553 level as a secondary means of support.
According to the Technical Analyst Team at ICN.com, “The USD/CHF dropped quickly and is currently trading below Linear Regression Indicators. However, the current move is correction to reduce the negativity on momentum indicators, then we go back to finish the upside move in response to the bullish harmonic alternative Bat Pattern that is extending its targets.”
As such, the embattled USD/CHF was unable to notch a large advance, instead remaining bitterly entrenched in negative territory during US trading. Presently the pair is trading at just 0.9601, losing -1.27% on the day.
USD/CHF technical bias
Technically speaking, the USD/CHF is threatening a drop below the 0.9595 support, after already taking a tumble through 0.9667 (first support). Mataf.net analysts point to the 0.9553 level as a secondary means of support.
According to the Technical Analyst Team at ICN.com, “The USD/CHF dropped quickly and is currently trading below Linear Regression Indicators. However, the current move is correction to reduce the negativity on momentum indicators, then we go back to finish the upside move in response to the bullish harmonic alternative Bat Pattern that is extending its targets.”