25 Oct 2013
USD/CHF, condemned for 2-year lows altitudes until 2014?
FXstreet.com (Chicago) - USD/CHF extends retracement from 0.8966 session highs on bearish pressure that maintains the pair around 2-year lows. With worse than expected data outweighing positive results, the trading range for the rest of the day is expected to remain within the 0.8860 and 0.90 boundaries.
US data
Earlier US data published includes durable goods orders at 3.7% vs. past 0.1% and expected 2.0% along durable goods orders ex transportation below expectations set at 0.5% to settle for -0.1%. The Reuters/Michigan consumer sentiment index is 73.2 vs. expectations at 75 and past results at 77.5. With low impact, wholesale inventories for August print 0.5% vs. past 0.2% and estimates at 0.3%.
USD/CHF Technical Levels
Technically speaking, the pair is offered at 0.8936 and oscillates between the supports aligned at 0.8888 (October 24th lows), 0.88 (key psychological support) ahead of 0.8729 (May 15th 2011 lows) and the resistances set at 0.8964 (October 23rd highs), 0.90 (October 21st lows) followed by 0.9146 (October 21st highs). Price action reveals a pair that retraces after reaching the strong 0.8964 resistance (October 23rd highs also). After stalling for hours, the pair strengthened throughout the Asian session but was stopped, coincidentally, with the release of durable goods data. The primary and secondary trends point down and the pair flows around 2-year lows.
US data
Earlier US data published includes durable goods orders at 3.7% vs. past 0.1% and expected 2.0% along durable goods orders ex transportation below expectations set at 0.5% to settle for -0.1%. The Reuters/Michigan consumer sentiment index is 73.2 vs. expectations at 75 and past results at 77.5. With low impact, wholesale inventories for August print 0.5% vs. past 0.2% and estimates at 0.3%.
USD/CHF Technical Levels
Technically speaking, the pair is offered at 0.8936 and oscillates between the supports aligned at 0.8888 (October 24th lows), 0.88 (key psychological support) ahead of 0.8729 (May 15th 2011 lows) and the resistances set at 0.8964 (October 23rd highs), 0.90 (October 21st lows) followed by 0.9146 (October 21st highs). Price action reveals a pair that retraces after reaching the strong 0.8964 resistance (October 23rd highs also). After stalling for hours, the pair strengthened throughout the Asian session but was stopped, coincidentally, with the release of durable goods data. The primary and secondary trends point down and the pair flows around 2-year lows.