24 Jan 2014
USD/CHF has lost too much to recover
FXstreet.com (Moscow) - USD/CHF is on its way lower posting new session and 3-weeks low at 0.8961, and having a potential to go down.
USD/CHF was hit by several factors
USD/CHF got crashed on Thursday due to broad-based USD sell-off. The EMU data was the first catalyst, and the weaker than expected US housing reports only strengthened the slide, sending the pair to 3-week low at 0.8961. The speed of the drop, and still strong fundamentals of the USD could give us the reason to wait for a rebound, if not for the nearing FOMC meeting, and growing doubts about further asset purchase reduction given the weakness of labor and housing market. Thus, we do not rule out the further move down with initial target at 0.8909.
What are today’s key USD/CHF levels?
Today's central pivot point can be found at 0.9022 with support below at 0.8909 (S1), 0.8844 (S2) and 0.8731 (S3), with resistance above at 0.9087 (R1), 0.9200, and 0.9265 (R3). Hourly Moving Averages are largely bearish, with the 200SMA at 0.9071 and the daily 20EMA flat at 0.9038. Hourly RSI is neutral at 27.
USD/CHF was hit by several factors
USD/CHF got crashed on Thursday due to broad-based USD sell-off. The EMU data was the first catalyst, and the weaker than expected US housing reports only strengthened the slide, sending the pair to 3-week low at 0.8961. The speed of the drop, and still strong fundamentals of the USD could give us the reason to wait for a rebound, if not for the nearing FOMC meeting, and growing doubts about further asset purchase reduction given the weakness of labor and housing market. Thus, we do not rule out the further move down with initial target at 0.8909.
What are today’s key USD/CHF levels?
Today's central pivot point can be found at 0.9022 with support below at 0.8909 (S1), 0.8844 (S2) and 0.8731 (S3), with resistance above at 0.9087 (R1), 0.9200, and 0.9265 (R3). Hourly Moving Averages are largely bearish, with the 200SMA at 0.9071 and the daily 20EMA flat at 0.9038. Hourly RSI is neutral at 27.