2 Sep 2013
USD/CHF is hovering around 0.9300
FXstreet.com (Athens) - The USD/CHF is confined to tight range on Monday’s trading session, due mainly on thin market volatility.
The USD/CHF is stacked at a tight range, on thin market volume
Monday is a relatively quiet day, due to US labor day. The pair managed to remain above 0.9300 area, mostly due to the easing on Syria’s tensions. However, while today risk appetite seems to be high in the markets, the American dollar might not be so much bid, due to the fact that the US markets are closed today and and there are no major economic releases during the North American session. The Swiss PMI was released above 50 (in growth area), but still softer than expectations, but Euro zone PMI and the German one, respectively, beat the estimations by far. Traders might be aware of the fact, that we are ahead a very crucial week (ECB, NFP) and besides, it’s impossible to say that the situation in Syria has improved all that much. Last but not least traders should bear in mind that, the September has in the past had a knack of throwing some surprises at the market so there’s little reason to suggest this one will be of any difference.
Technical outlook on USD/CHF
At the time of writing, the pair is trading at 0.9323, up 0.08%, well above the 0.9300 area. Commerzbank Technicals suggest that ‘‘USD/CHF has found support at 0.9147, slightly above the June low at .9130, and appears to be attempting to base. We note the divergence of the daily RSI and risks are for a near term recovery to the two month resistance line at 0.9262. This needs to be breached for the next higher 200- and 55-day moving averages at 0.9344/45 to be reached’. 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 0.9339, 0.9362, 0.9395, respectively.
The USD/CHF is stacked at a tight range, on thin market volume
Monday is a relatively quiet day, due to US labor day. The pair managed to remain above 0.9300 area, mostly due to the easing on Syria’s tensions. However, while today risk appetite seems to be high in the markets, the American dollar might not be so much bid, due to the fact that the US markets are closed today and and there are no major economic releases during the North American session. The Swiss PMI was released above 50 (in growth area), but still softer than expectations, but Euro zone PMI and the German one, respectively, beat the estimations by far. Traders might be aware of the fact, that we are ahead a very crucial week (ECB, NFP) and besides, it’s impossible to say that the situation in Syria has improved all that much. Last but not least traders should bear in mind that, the September has in the past had a knack of throwing some surprises at the market so there’s little reason to suggest this one will be of any difference.
Technical outlook on USD/CHF
At the time of writing, the pair is trading at 0.9323, up 0.08%, well above the 0.9300 area. Commerzbank Technicals suggest that ‘‘USD/CHF has found support at 0.9147, slightly above the June low at .9130, and appears to be attempting to base. We note the divergence of the daily RSI and risks are for a near term recovery to the two month resistance line at 0.9262. This needs to be breached for the next higher 200- and 55-day moving averages at 0.9344/45 to be reached’. 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 0.9339, 0.9362, 0.9395, respectively.