11 Jul 2013
USD/CHF recovery stalls at 0.9530
FXstreet.com (New York) - The USD/CHF foreign exchange rate collapsed overnight with an all out siege on the USD in the aftermath of dovish Fed comments, from which the pair has still not recovered.
In the United States, Initial Jobless Claims (July 6) yielded a figure of 360K, missing expectations of 340K. Moreover, the Continuing Jobless Claims (July 29) were reported at 2.977M, which came in under estimates of 2.950M.
USD/CHF strategic bias
According to the Technical Analyst Team at ICN.com, “The USD/CHF touched levels around 0.9515 and is currently rebounding to the downside, as the bearish move might extend during today’s session affected by breaching the ascending channel – linear regression indicators support these expectations.”
The USD/CHF foreign exchange rate is currently entrenched in negative territory at 0.9514 (20-day SMA), down -0.73% in these moments. Despite the overall negativity facing the pair, the 0.9503 level (55-day MA) is providing critical support that seemingly helped stabilize the pair overnight.
In the United States, Initial Jobless Claims (July 6) yielded a figure of 360K, missing expectations of 340K. Moreover, the Continuing Jobless Claims (July 29) were reported at 2.977M, which came in under estimates of 2.950M.
USD/CHF strategic bias
According to the Technical Analyst Team at ICN.com, “The USD/CHF touched levels around 0.9515 and is currently rebounding to the downside, as the bearish move might extend during today’s session affected by breaching the ascending channel – linear regression indicators support these expectations.”
The USD/CHF foreign exchange rate is currently entrenched in negative territory at 0.9514 (20-day SMA), down -0.73% in these moments. Despite the overall negativity facing the pair, the 0.9503 level (55-day MA) is providing critical support that seemingly helped stabilize the pair overnight.