8 Nov 2013
USD/CHF peels back near Asian opening levels
FXstreet.com (Athens) – The USD/CHF has been trading slightly lower during the European trading session, having lost sight of its daily highs near 0.9181 area.
Earlier, the inflation rate in Switzerland released lethargic at 3.2% rate, while the retail sales date were announced at much worse than expected levels (at 1.0% versus 2.4% in August, while the estimation was at 2.7%).
Technical Aspects on the USD/CHF
It is noteworthy that even under slightly pressure the cross manages to stay above the 3-month resistance line at 0.9150 area. Still, the cross seems to need to overcome the barrier as of the 0.9178 (October high), in order to move towards the 0.9284 area (23.60% Fibonacci retracement of the move upwards the 2011 low, which is located at 0.8863 zone). However, as long the cross remains above the 0.9145 handle (highs as of July, August) as well as the 0.9152 (October peak), the uptrend bias momentum might be sustained. Crucial supports pertaining to the downwards area, could be well considered the lows as of 7th November, 4th November, 1st November at 0.9110, 0.9091, 0.9066, respectively.
Earlier, the inflation rate in Switzerland released lethargic at 3.2% rate, while the retail sales date were announced at much worse than expected levels (at 1.0% versus 2.4% in August, while the estimation was at 2.7%).
Technical Aspects on the USD/CHF
It is noteworthy that even under slightly pressure the cross manages to stay above the 3-month resistance line at 0.9150 area. Still, the cross seems to need to overcome the barrier as of the 0.9178 (October high), in order to move towards the 0.9284 area (23.60% Fibonacci retracement of the move upwards the 2011 low, which is located at 0.8863 zone). However, as long the cross remains above the 0.9145 handle (highs as of July, August) as well as the 0.9152 (October peak), the uptrend bias momentum might be sustained. Crucial supports pertaining to the downwards area, could be well considered the lows as of 7th November, 4th November, 1st November at 0.9110, 0.9091, 0.9066, respectively.