23 Oct 2013
USD/CHF at the hands of EUR/USD still?
FXstreet.com (London) - USD/CHF has plummeted this week and losses have been extended again in today’s session.
As expected yesterday in the market, a weak NFP’s print generated further USD selling and USDCHF was at the hands of EURUSD. 0.8980-90 level was taken out in USDCHF and short-term stop covering took place. Today, the 0.8930 level which was an important technical level to bear in mind for USDCHF has been breached and we enter an 'air-gap' until 0.8600 now.
USD/CHF new lows
USD/CHF is in new lows for the year and attention has reverted to the February 2012 low at 0.8931 and the base of the 15 month down channel at 0.8903 explained Karen Jones, Chief Analyst at Commerzbank. “Directly below here lies the 38.2% retracement of the move up from the 2011 low, this is located at 0.8862. These are 2 major supports and we are alert to the idea of reversal down here. Intraday charts are suggesting that we may see some consolidation today”.
As expected yesterday in the market, a weak NFP’s print generated further USD selling and USDCHF was at the hands of EURUSD. 0.8980-90 level was taken out in USDCHF and short-term stop covering took place. Today, the 0.8930 level which was an important technical level to bear in mind for USDCHF has been breached and we enter an 'air-gap' until 0.8600 now.
USD/CHF new lows
USD/CHF is in new lows for the year and attention has reverted to the February 2012 low at 0.8931 and the base of the 15 month down channel at 0.8903 explained Karen Jones, Chief Analyst at Commerzbank. “Directly below here lies the 38.2% retracement of the move up from the 2011 low, this is located at 0.8862. These are 2 major supports and we are alert to the idea of reversal down here. Intraday charts are suggesting that we may see some consolidation today”.