26 Mar 2014
USD/CHF to move higher?
FXStreet (Guatemala) - USD/CHF has been a tight play between 0.8840 and 0.8870 but some analysts expect that the pair could develop another bull run.
USD/CHF moved higher but has been tailing off slightly on supply given the following data wasn’t perceived by some as particularly meaningful. “I'm not sure this report will tell us anything meaningful about the state of the US economy”, Kit Jukes, Societe Generale. Nevertheless, Durable Goods Orders (Feb) arrived at 2.2% beating consensus of 1.0% and previous -1.3%. More recently, US Markit Services PMI beat forecasts of 54.2 in March and arrived today at 55.5.
USD/CHF technically bullish
USD/CHF, last week, eroded its 2 month downtrend to reach the 38.2% retracement at 0.8873. This week, Karen Jones, chief analyst at Commerzbank said, “We should see further gains this week initially to the 0.8927/30 26th February high and eventually the 200 day ma at 0.9113”.
USD/CHF Levels
The 20 DMA is 0.8804, the 50 DMA is 0.8912 and the 200 DMA is 0.9109. RSI (14) reads 55.16. Supports are ascending from 0.8764, 0.8787, 0.8801 and 0.8813. Spot is 0.8840 while resistances are 0.8845, 0.8880, 0.8895 and 0.8930.
USD/CHF moved higher but has been tailing off slightly on supply given the following data wasn’t perceived by some as particularly meaningful. “I'm not sure this report will tell us anything meaningful about the state of the US economy”, Kit Jukes, Societe Generale. Nevertheless, Durable Goods Orders (Feb) arrived at 2.2% beating consensus of 1.0% and previous -1.3%. More recently, US Markit Services PMI beat forecasts of 54.2 in March and arrived today at 55.5.
USD/CHF technically bullish
USD/CHF, last week, eroded its 2 month downtrend to reach the 38.2% retracement at 0.8873. This week, Karen Jones, chief analyst at Commerzbank said, “We should see further gains this week initially to the 0.8927/30 26th February high and eventually the 200 day ma at 0.9113”.
USD/CHF Levels
The 20 DMA is 0.8804, the 50 DMA is 0.8912 and the 200 DMA is 0.9109. RSI (14) reads 55.16. Supports are ascending from 0.8764, 0.8787, 0.8801 and 0.8813. Spot is 0.8840 while resistances are 0.8845, 0.8880, 0.8895 and 0.8930.