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12 Sep 2013
USD/CHF hovering around 0.9300 in a very tight range
FXstreet.com (Athens)- The USD/CHF is trading in a really tight (approximately 20 pips) range since the opening trading session in Asia.
USD/CHF sitting on the fence; looking for the market stabilization to move on
The USD/CHF is struggling to move higher but seems to be capped by 0.9300. Since, we are ahead of the weekly initial jobless claims report before the FOMC meeting, PPI and retail sales, the pair cannot find momentum. Apart from the above depicted data, there are also still “Syria’s jitters” in the air, therefore if the market doesn’t stabilize the USD/CHF would stall any uptrend or downtrend movement.
Technical aspects and Strategic Bias on USD/CHF
Karen Jones, Head Technical Analyst at Commerzbank suggests “USD/CHF has failed on its initial test of 0.9455 and is correcting lower. We look for this correction to ideally terminate circa. 09280 (the 50% retracement). What’s more, Rallies will find initial resistance at .9353 and will need to clear last week high at 0.9455 to reassert upside pressure.” At the time of writing, the pair is trading at 0.9308, up 0.03% in the 15-minutes time framework chart. Daily pivot point support can be found at S3: 0.9307 S2: 0.9284 S1:0.9260 and resistance at R1:0.9417 R2:0.9441 R3:0.9464, respectively.
USD/CHF sitting on the fence; looking for the market stabilization to move on
The USD/CHF is struggling to move higher but seems to be capped by 0.9300. Since, we are ahead of the weekly initial jobless claims report before the FOMC meeting, PPI and retail sales, the pair cannot find momentum. Apart from the above depicted data, there are also still “Syria’s jitters” in the air, therefore if the market doesn’t stabilize the USD/CHF would stall any uptrend or downtrend movement.
Technical aspects and Strategic Bias on USD/CHF
Karen Jones, Head Technical Analyst at Commerzbank suggests “USD/CHF has failed on its initial test of 0.9455 and is correcting lower. We look for this correction to ideally terminate circa. 09280 (the 50% retracement). What’s more, Rallies will find initial resistance at .9353 and will need to clear last week high at 0.9455 to reassert upside pressure.” At the time of writing, the pair is trading at 0.9308, up 0.03% in the 15-minutes time framework chart. Daily pivot point support can be found at S3: 0.9307 S2: 0.9284 S1:0.9260 and resistance at R1:0.9417 R2:0.9441 R3:0.9464, respectively.