30 Oct 2013
USD/CHF flirts with 0.90 skies
FXstreet.com (Chicago) - USD/CHF struggles to consolidate above the 0.90 zone despite bullish momentum ahead of the Fed’s interest rate decision later in the day and an array of US data.
USD/CHF Technical Levels
Price action reveals the pair was able to reach the 0.90 zone after struggling to continue climb. Nonetheless, the pair retraced from 0.9008 highs and now trades at 0.8999 oscillating between the supports aligned at 0.8966 (October 25th highs), 0.8929 (October 24th highs) followed by 0.8891 (October 24th lows) and the resistances set at 0.90 (October 18th lows), 0.9036 (October 22nd highs) followed by 0.9065 (October 14th lows). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis above the EMA20.
According to Jim Langlands from FXcharts “Overall, the charts suggest that the $ could make some more gains, so I still prefer to buy dips, with a stop and reverse placed below 0.8865. If the dollar trades down there, it could get very ugly indeed. At this point it should not be a worry.”
USD/CHF Technical Levels
Price action reveals the pair was able to reach the 0.90 zone after struggling to continue climb. Nonetheless, the pair retraced from 0.9008 highs and now trades at 0.8999 oscillating between the supports aligned at 0.8966 (October 25th highs), 0.8929 (October 24th highs) followed by 0.8891 (October 24th lows) and the resistances set at 0.90 (October 18th lows), 0.9036 (October 22nd highs) followed by 0.9065 (October 14th lows). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis above the EMA20.
According to Jim Langlands from FXcharts “Overall, the charts suggest that the $ could make some more gains, so I still prefer to buy dips, with a stop and reverse placed below 0.8865. If the dollar trades down there, it could get very ugly indeed. At this point it should not be a worry.”