18 Jul 2013
USD/CHF upside shackled by resistance
FXstreet.com (New York) - The USD/CHF has ultimately been unable to retest its previous highs (0.9480) from earlier today, instead clinging to portion of its gains that has seen a slight consolidation during the latter stages of US trading Thursday.
With the afternoon focus being on the second installment of the Bernanke testimonial, the USD has strengthened overall, which obviously proved fortuitous for the USD/CHF, as it is still entrenched in positive territory at 0.9448 in these moments, up +0.39%. Technically speaking, the USD/CHF is slated to face calculated resistances at 0.9446, onto 0.9475, and 0.9497.
USD/CHF strategic bias
According to the Technical Analyst team at ICN.com, “The USD/CHF failed to achieve prolonged stability above 0.9440 as the stochastic is showing great weakness in the upside move. Therefore, the downside move might return but level 0.9460 is an interval that determines if these expectations will be achieved or fail.”
With the afternoon focus being on the second installment of the Bernanke testimonial, the USD has strengthened overall, which obviously proved fortuitous for the USD/CHF, as it is still entrenched in positive territory at 0.9448 in these moments, up +0.39%. Technically speaking, the USD/CHF is slated to face calculated resistances at 0.9446, onto 0.9475, and 0.9497.
USD/CHF strategic bias
According to the Technical Analyst team at ICN.com, “The USD/CHF failed to achieve prolonged stability above 0.9440 as the stochastic is showing great weakness in the upside move. Therefore, the downside move might return but level 0.9460 is an interval that determines if these expectations will be achieved or fail.”