11 Jun 2013
USD/CHF bearish indicators
FXstreet.com (London) - USD/CHF reached a high of 0.9420 yesterday but had resumed the bear trend, pairing its gains to fill the gap opening 0.9320/30 range in London.
Forecast for Swiss Economy
The Economic Forecasts released by the Swiss State Secretariat for Economic Affairs will shows a study of forecasts of major GDP components for Switzerland, although there isn’t anything top tier today for the US economy.
Technically bearish USD/CHF readings
Analyst teams at Commerzbank said that USD/CHF is attempting to recover off 0.92065, the April low and 0.9197 the 78.6% retracement of the move seen this year. They explained that given that last week the market severed its 2011-2013 support line, rallies will need to regain 0.9532 (50% retracement) to alleviate immediate downside pressure. Initial resistance lies at 0.9420. They said that below 0.9197 will target 0.9023, the 2013 low. Above 0.9532 will signal recovery to 0.9605 then 0.9708. Teams at ICN.com said that the trading range for this week is among key support at 0.9080 and key resistance at 0.9605, adding that the general trend over short term basis is to the downside stable at levels 0.9775 targeting 0.8860.
Forecast for Swiss Economy
The Economic Forecasts released by the Swiss State Secretariat for Economic Affairs will shows a study of forecasts of major GDP components for Switzerland, although there isn’t anything top tier today for the US economy.
Technically bearish USD/CHF readings
Analyst teams at Commerzbank said that USD/CHF is attempting to recover off 0.92065, the April low and 0.9197 the 78.6% retracement of the move seen this year. They explained that given that last week the market severed its 2011-2013 support line, rallies will need to regain 0.9532 (50% retracement) to alleviate immediate downside pressure. Initial resistance lies at 0.9420. They said that below 0.9197 will target 0.9023, the 2013 low. Above 0.9532 will signal recovery to 0.9605 then 0.9708. Teams at ICN.com said that the trading range for this week is among key support at 0.9080 and key resistance at 0.9605, adding that the general trend over short term basis is to the downside stable at levels 0.9775 targeting 0.8860.