1 Aug 2013
USD/CHF jumps to session highs on US Markit PMI
FXstreet.com (New York) - The USD/CHF has been a busy pair so far this morning during US trading, receiving stimuli from a number of different locales, en route to fresh daily highs.
Earlier today in the EMU, the interest rates were held at 0.5%, which were in line with expectations. Meanwhile, in the United States, Initial Jobless Claims (July 26) came in at 326k, beating estimates of 345k. Finally, Markit Manufacturing PMI improved to 53.7, besting a projection of only 53.1.
USD/CHF strategic bias
According to the Technical Analyst Team at ICN.com, “The USD/CHF is facing difficulty in crossing key resistance level of a technical formation that might turn to the Falling Wedge Pattern (a positive technical pattern) if the pair breached 0.9330 levels and stabilized above it. However, the positive Linear Regression Indicators in addition to stability above 0.9265 forces us to hold on to our positive expectations today.”
The USD/CHF has been boosted by positivity following the upbeat US data release, which sent the pair surging higher during US trading. At the time of writing, the pair is now operating at 0.9329, up a robust +0.70% Thursday. Briefing the technicals, after a break below the 0.9319 resistance, the USD/CHF will look to test additional means of correction at 0.9353 onto 0.9383, notes the Mataf.net analyst team.
Earlier today in the EMU, the interest rates were held at 0.5%, which were in line with expectations. Meanwhile, in the United States, Initial Jobless Claims (July 26) came in at 326k, beating estimates of 345k. Finally, Markit Manufacturing PMI improved to 53.7, besting a projection of only 53.1.
USD/CHF strategic bias
According to the Technical Analyst Team at ICN.com, “The USD/CHF is facing difficulty in crossing key resistance level of a technical formation that might turn to the Falling Wedge Pattern (a positive technical pattern) if the pair breached 0.9330 levels and stabilized above it. However, the positive Linear Regression Indicators in addition to stability above 0.9265 forces us to hold on to our positive expectations today.”
The USD/CHF has been boosted by positivity following the upbeat US data release, which sent the pair surging higher during US trading. At the time of writing, the pair is now operating at 0.9329, up a robust +0.70% Thursday. Briefing the technicals, after a break below the 0.9319 resistance, the USD/CHF will look to test additional means of correction at 0.9353 onto 0.9383, notes the Mataf.net analyst team.