11 Nov 2013
USD/CHF edging higher; still below 0.9250
FXstreet.com (Chicago) - USD/CHF prints higher highs and lows extending the bullish channel that started a few hours ago. The momentum generated on NFP data last Friday seems to last as market participants maintain high performance and double tops (spikes last Friday and Wednesday) ahead of the American session with low volume on Veterans Day and no data releases in Switzerland.
According to Jim Langlands from FXcharts, “US$/Chf once again headed sharply higher, after the US data, but has again failed to overcome 0.9250 (high 0.9246, Thursday high 0.9249) although it could be tested once again in the coming days judging by the positive outlook on the daily charts.”
USD/CHF Technical Levels
Price action reveals the pair extends trendless movement felt last Friday after the strong rally on NFP data. Around the 23.6% Fibonacci level (0.91/0.9250), the pair trades at 0.9225 and oscillates between the supports aligned at 0.9181 (November 7th highs), 0.9151 (November 1st highs) ahead of 0.9090 (November 5th lows) and the resistances set at 0.9248 (November 7th highs), 0.9283 (September 18th highs) followed by 0.9350 (July 17th lows). According to the FXstreet.com trend index, the pair is slightly bullish and flows above the EMA20.
According to Jim Langlands from FXcharts, “US$/Chf once again headed sharply higher, after the US data, but has again failed to overcome 0.9250 (high 0.9246, Thursday high 0.9249) although it could be tested once again in the coming days judging by the positive outlook on the daily charts.”
USD/CHF Technical Levels
Price action reveals the pair extends trendless movement felt last Friday after the strong rally on NFP data. Around the 23.6% Fibonacci level (0.91/0.9250), the pair trades at 0.9225 and oscillates between the supports aligned at 0.9181 (November 7th highs), 0.9151 (November 1st highs) ahead of 0.9090 (November 5th lows) and the resistances set at 0.9248 (November 7th highs), 0.9283 (September 18th highs) followed by 0.9350 (July 17th lows). According to the FXstreet.com trend index, the pair is slightly bullish and flows above the EMA20.