12 Jul 2013
USD/CHF sighting 0.9500
FXstreet.com (London) - USD/CHF has opened the final trading day of the week bid just below the handle 0.9500.
USD/CHF has fallen from the dizzy heights of 0.9740 this week, and previous to that, the pair was trading around 0.9840 in May and this year’s high. However, the dollar has been abandoned, to some extent, while Fed members recently talked down the optimistic rhetoric we had previously been hearing from Bernanke, and even he himself back-tracked on Wednesday night. The safe haven currencies such as CHF have benefitted. Data wise, w have a series of US news in the afternoon with Michigan Consumer Sentiment mos prominent.
USD/CHF Longer term trend upside bias
USD/CHF sold off towards and recovered ahead of its 6 week uptrend at 0.9400, said Karen Jones, Chief Analyst at Commerzbank. “The Elliot wave count on the daily chart suggests that the market should stabilise between here and Fibonacci support at 0.9368 and the 200-day ma at 0.9357”. She feels rallies will need to regain the 0.9568 March high in order to retarget the 0.9753 July high. “Any erosion of the 0.9357 200 day ma would provoke another step down to the 0.9269/78.6% retracement”. Danske Bank Technical Update suggests Support 0.9445,0.9405, 0.9384 and 0.9372. Resistances come 0.9484, 0.9515, 0.9535, 0.9551. RSI 9 is 46.90. Minor trend is lower while major trend is bullish.
USD/CHF has fallen from the dizzy heights of 0.9740 this week, and previous to that, the pair was trading around 0.9840 in May and this year’s high. However, the dollar has been abandoned, to some extent, while Fed members recently talked down the optimistic rhetoric we had previously been hearing from Bernanke, and even he himself back-tracked on Wednesday night. The safe haven currencies such as CHF have benefitted. Data wise, w have a series of US news in the afternoon with Michigan Consumer Sentiment mos prominent.
USD/CHF Longer term trend upside bias
USD/CHF sold off towards and recovered ahead of its 6 week uptrend at 0.9400, said Karen Jones, Chief Analyst at Commerzbank. “The Elliot wave count on the daily chart suggests that the market should stabilise between here and Fibonacci support at 0.9368 and the 200-day ma at 0.9357”. She feels rallies will need to regain the 0.9568 March high in order to retarget the 0.9753 July high. “Any erosion of the 0.9357 200 day ma would provoke another step down to the 0.9269/78.6% retracement”. Danske Bank Technical Update suggests Support 0.9445,0.9405, 0.9384 and 0.9372. Resistances come 0.9484, 0.9515, 0.9535, 0.9551. RSI 9 is 46.90. Minor trend is lower while major trend is bullish.