27 Sep 2013
USD/CHF tumbles on solid KOF data, debt-ceiling woes
FXstreet.com (Athens) – The USD/CHF is losing steadily solid ground since the opening of the early European trading session, mainly due to up beating KOF data, as well as on the reemergence of the political drama of “debt-ceiling”.
USD/CHF is heading upwards on inspiring KOF data, “debt-ceiling” jitters
The USD/CHF didn’t not only pare all of its yesterday gains, but is moving sharply lower as the “Swissie” is currently gaining approximately 0.3% against its major counter-part dragging the pair down to 0.9080 area. Elaborating on, today apart from being ahead of crucial US news, we have witnessed very hawkish Fed’s Kansas George statement which to a more or less extent, limited the risk-appetite. What’s more, the pair also was driven downwards due to the outstanding release of Swiss KOF data.
Technical Analysis and Strategic Bias on USD/CHF
Karen Jones, Head Technical Analyst at Commerzbank suggests that “Currently our favoured view is for losses to hold over 0.9020. However we would need to see a rapid bounce back above the 0.9146 August low just to alleviate immediate downside pressure and signal a return to .9261 – the 23.6% retracement of the move down from July. Failure to hold over 0.9077, the current September low, will see USD/CHF sell off to the 0.9023 2013 low and should this also give way, then the 0.8931 2012 low.
USD/CHF is heading upwards on inspiring KOF data, “debt-ceiling” jitters
The USD/CHF didn’t not only pare all of its yesterday gains, but is moving sharply lower as the “Swissie” is currently gaining approximately 0.3% against its major counter-part dragging the pair down to 0.9080 area. Elaborating on, today apart from being ahead of crucial US news, we have witnessed very hawkish Fed’s Kansas George statement which to a more or less extent, limited the risk-appetite. What’s more, the pair also was driven downwards due to the outstanding release of Swiss KOF data.
Technical Analysis and Strategic Bias on USD/CHF
Karen Jones, Head Technical Analyst at Commerzbank suggests that “Currently our favoured view is for losses to hold over 0.9020. However we would need to see a rapid bounce back above the 0.9146 August low just to alleviate immediate downside pressure and signal a return to .9261 – the 23.6% retracement of the move down from July. Failure to hold over 0.9077, the current September low, will see USD/CHF sell off to the 0.9023 2013 low and should this also give way, then the 0.8931 2012 low.