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16 Aug 2013
USD/CHF opens up fresh losses, 0.9200 in focus
FXstreet.com (New York) - The USD/CHF foreign exchange rate sunk to new lows Friday morning, as a compound weakness has afflicted the pair to start US trading.
In the United States, Housing Starts (MoM) were reported at 0.896M in July, missing estimates of 0.900M. Moreover, Building Permits (MoM) came in at 0.943M, against expectations of 0.945M.
USD/CHF strategic bias
According to Karen Jones, an analyst at Commerzbank, “The USD/CHF has hit but been capped by the 38.2% Fibonacci retracement of the July-to-August decline at .9396 from which it has been rapidly rejected. The 0.9247 May low and also the 0.9207 April low, together with the 2013 support line at 0.9182 are now all being targeted. Failure at last week’s 0.9175 low will push the June trough at 0.9130 back to the fore. Only an unexpected daily chart close above the 0.9396 current August high will most likely mean that another up leg towards the 0.9753 July high is being seen.
USD/CHF technical levels
The USD/CHF is has now crumbled to 0.9226 in these moments, incurring a staunch decline of -0.39% off its opening thus far. Briefing the technicals, the USD/CHF faces support at 0.9218, ahead of 0.9191 (previous support at 0.9246 was broken), notes the Danske Research Team.
In the United States, Housing Starts (MoM) were reported at 0.896M in July, missing estimates of 0.900M. Moreover, Building Permits (MoM) came in at 0.943M, against expectations of 0.945M.
USD/CHF strategic bias
According to Karen Jones, an analyst at Commerzbank, “The USD/CHF has hit but been capped by the 38.2% Fibonacci retracement of the July-to-August decline at .9396 from which it has been rapidly rejected. The 0.9247 May low and also the 0.9207 April low, together with the 2013 support line at 0.9182 are now all being targeted. Failure at last week’s 0.9175 low will push the June trough at 0.9130 back to the fore. Only an unexpected daily chart close above the 0.9396 current August high will most likely mean that another up leg towards the 0.9753 July high is being seen.
USD/CHF technical levels
The USD/CHF is has now crumbled to 0.9226 in these moments, incurring a staunch decline of -0.39% off its opening thus far. Briefing the technicals, the USD/CHF faces support at 0.9218, ahead of 0.9191 (previous support at 0.9246 was broken), notes the Danske Research Team.