13 Nov 2013
USD/CHF on a knife-edge; still above 0.9150
FXstreet.com (Athens) – The USD/CHF is under pressure for a third consecutive day as EUR/USD overcomes 1.3440.
The USD/CHF has been under slight pressure since the kick off of the Wellington trading hours, heading slightly downwards, for a third ‘red’ successive day. Market participants should not be taken aback by that downtrend shift of the cross, partly due to the uptrend shift of the EUR/USD, as well as due to the fact that the USD/CHF could not help itself to make a decent close above the 0.9340 level (61.8% Fibonacci retracement of the downwards movement of the 0.9455-0.8891 area) the recent weeks.
Technical Aspects on the USD/CHF
While the cross didn’t manage to close above the 0.9340 level (61.8% Fibonacci retracement of the downwards movement of the 0.9455-0.8891 area) neither Thursday nor Friday during the past week, the downward pressure will probably prevail across the board. The first initial support area is laying at the 3-month resistance line at 0.9150 level, while on the upper level the cross might first overcome the 0.9320- 200 daily SMA handle, followed by the 0.9340 (61.8% Fibonacci level), in order to move towards the 0.9455 September peak.
The USD/CHF has been under slight pressure since the kick off of the Wellington trading hours, heading slightly downwards, for a third ‘red’ successive day. Market participants should not be taken aback by that downtrend shift of the cross, partly due to the uptrend shift of the EUR/USD, as well as due to the fact that the USD/CHF could not help itself to make a decent close above the 0.9340 level (61.8% Fibonacci retracement of the downwards movement of the 0.9455-0.8891 area) the recent weeks.
Technical Aspects on the USD/CHF
While the cross didn’t manage to close above the 0.9340 level (61.8% Fibonacci retracement of the downwards movement of the 0.9455-0.8891 area) neither Thursday nor Friday during the past week, the downward pressure will probably prevail across the board. The first initial support area is laying at the 3-month resistance line at 0.9150 level, while on the upper level the cross might first overcome the 0.9320- 200 daily SMA handle, followed by the 0.9340 (61.8% Fibonacci level), in order to move towards the 0.9455 September peak.