6 Jun 2013
USD/CHF steady on Swiss CPI
FXstreet.com (London) - USD/CHF has extended to the downside entering the descending channel on the forex daily charts. Traders have it in at 0.9410/20 on the London open with the release of Swiss a marginal change in CPI.
“The pair is currently trading below the second target of the bearish harmonic Butterfly Pattern pushing it further to the downside towards testing resistance level of the descending channel that was breached before, in addition to testing 78.6% correction level at 0.9370. Stability below the second target at 0.9475 keeps the possibility of the bearish move during today’s session.” Said ICN.com Financial Markets
Karen Jones at Commerzbank says “USD/CHF continues to grind lower. We look for the market to stabilise just ahead of the 200 day moving average, this is located at 0.9356. At this stage however, we are unable to rule out further weakness to the 0.9331 2013 uptrend, which we look to ideally hold. Rallies need to regain 0.9624 to alleviate immediate downside pressure.
She adds that dips hold over .9331 uptrend, the longer term bull move is
Intact and intraday rallies are likely to find minor resistance at 0.9650, 0.9684.
Data wise, key focs today are the European Central Bank and BoE, but specific to the USD/CHF, CPI was released at -.5% vrs -.06% consensus and previous.
“The pair is currently trading below the second target of the bearish harmonic Butterfly Pattern pushing it further to the downside towards testing resistance level of the descending channel that was breached before, in addition to testing 78.6% correction level at 0.9370. Stability below the second target at 0.9475 keeps the possibility of the bearish move during today’s session.” Said ICN.com Financial Markets
Karen Jones at Commerzbank says “USD/CHF continues to grind lower. We look for the market to stabilise just ahead of the 200 day moving average, this is located at 0.9356. At this stage however, we are unable to rule out further weakness to the 0.9331 2013 uptrend, which we look to ideally hold. Rallies need to regain 0.9624 to alleviate immediate downside pressure.
She adds that dips hold over .9331 uptrend, the longer term bull move is
Intact and intraday rallies are likely to find minor resistance at 0.9650, 0.9684.
Data wise, key focs today are the European Central Bank and BoE, but specific to the USD/CHF, CPI was released at -.5% vrs -.06% consensus and previous.