23 Aug 2013
USD/CHF falling apart on dismal US housing data
FXstreet.com (Athens): The USD/CHF pared all of its daily gains after discouraging US new homes sales.
Depressing US housing data tumble the American dollar
Need for ‘safe-haven’ assets stroke back, as soon as new home sales release let down traders. Existing home sales released down 13.4% (394K), versus -2.0% (487K) expected, from 455K (+3.6%), smashing the American dollar across the board. The massive greenback sell-off, was also boosted on quotes saying that Fed’s Bullard on Jackson’s Hole symposium, said that ‘1.5% inflation floor would show FOMC serious on prices’. What’s more, USD sharp sell-off might also have to do with options expiries.
Technical outlook on USD/CHF
At the time of writing, the pair is trading at 0.9202, down 0.32%, after having hit a daily low as of 0.9196 after the news released. The FXstreet.com Trend Index shows the pair to be slightly bullish. Daily pivot point support can be found at 0.9107, 0.9085, 0.9062 and resistance at 0.9212, 0.9236 and 0.9259, respectively.
Depressing US housing data tumble the American dollar
Need for ‘safe-haven’ assets stroke back, as soon as new home sales release let down traders. Existing home sales released down 13.4% (394K), versus -2.0% (487K) expected, from 455K (+3.6%), smashing the American dollar across the board. The massive greenback sell-off, was also boosted on quotes saying that Fed’s Bullard on Jackson’s Hole symposium, said that ‘1.5% inflation floor would show FOMC serious on prices’. What’s more, USD sharp sell-off might also have to do with options expiries.
Technical outlook on USD/CHF
At the time of writing, the pair is trading at 0.9202, down 0.32%, after having hit a daily low as of 0.9196 after the news released. The FXstreet.com Trend Index shows the pair to be slightly bullish. Daily pivot point support can be found at 0.9107, 0.9085, 0.9062 and resistance at 0.9212, 0.9236 and 0.9259, respectively.