2 Jul 2013
USD/CHF resumes channel
FXstreet.com (London) - USD/CHF has moved higher in Europe’s opening hours to print a high of 0.9472.
USD/CHF had printed a high in yesterday’s trade of 0.9505, testing the critical resistance at 0.9484, but failing to close above meant that opening targets for 0.9568 may need to wait for another day. This week sees important US data that the market will focus upon, and the Jobs report will be of most concern.
USD/CHF capped
Karen Jones, analyst at Commerzbank said that USD/CHF’s recent move higher has so far been capped by the 50% retracement at 0.9485. “It may well head up towards the 0.9568 61.8% Fibonacci retracement, however.” She said rallies will need to rise above this level to alleviate immediate downside pressure and dips should find interim support at 0.9242/0.9176 ahead of 0.9130. “The short term support line is located at 0.9456.”
USD/CHF had printed a high in yesterday’s trade of 0.9505, testing the critical resistance at 0.9484, but failing to close above meant that opening targets for 0.9568 may need to wait for another day. This week sees important US data that the market will focus upon, and the Jobs report will be of most concern.
USD/CHF capped
Karen Jones, analyst at Commerzbank said that USD/CHF’s recent move higher has so far been capped by the 50% retracement at 0.9485. “It may well head up towards the 0.9568 61.8% Fibonacci retracement, however.” She said rallies will need to rise above this level to alleviate immediate downside pressure and dips should find interim support at 0.9242/0.9176 ahead of 0.9130. “The short term support line is located at 0.9456.”