21 Aug 2013
USD/CHF near daily highs ahead of FOMC release
FXstreet.com (Athens) - The dollar fell on Wednesday to a two-month trough against the Swiss franc, as U.S. Treasury yields retreated and the timing of the Federal Reserve's reduction in its stimulus efforts remained uncertain.
USD/CHF is boosted by subdued risk appetite
Weakness in global stocks along with a selloff in emerging market currencies on fears of a Fed move next month have supported the ‘swissie’ drop, against its major counter-part. The dollar slid 0.8 percent to 0.9171 Swiss francs, hitting a trough of 0.9145, its weakest level since mid-June. Tomorrow, traders should pay attention also to the release of Swiss Trade Balance at 6:00 GMT in the morning.
Technical outlook on USD/CHF
At the time of writing, the USD/CHF is trading at 0.9200, up 0.30% and close to its daily high of 0.9205. Danske Bank analyst suggest that ‘traders should place sell limit orders at 0.9279, with objective at 0.9175 and the stop-loss being at 0.9314’. The FXstreet.com Trend Index shows the pair to be slightly bullish. Daily pivot point support can be found at 0.9107,0.9085, 0.9062 and resistance at 0.9212, 0.9236 and 0.9259, respectively.
USD/CHF is boosted by subdued risk appetite
Weakness in global stocks along with a selloff in emerging market currencies on fears of a Fed move next month have supported the ‘swissie’ drop, against its major counter-part. The dollar slid 0.8 percent to 0.9171 Swiss francs, hitting a trough of 0.9145, its weakest level since mid-June. Tomorrow, traders should pay attention also to the release of Swiss Trade Balance at 6:00 GMT in the morning.
Technical outlook on USD/CHF
At the time of writing, the USD/CHF is trading at 0.9200, up 0.30% and close to its daily high of 0.9205. Danske Bank analyst suggest that ‘traders should place sell limit orders at 0.9279, with objective at 0.9175 and the stop-loss being at 0.9314’. The FXstreet.com Trend Index shows the pair to be slightly bullish. Daily pivot point support can be found at 0.9107,0.9085, 0.9062 and resistance at 0.9212, 0.9236 and 0.9259, respectively.