8 Jul 2013
USD/CHF firmly bid
FXstreet.com (London) - USD/CHF remains broadly bid but capped at 0.9666.
USD/CHF has met a high and is trading in London at daily highs in the aftermath of the NFP’s upside surprises. Data wise, Swiss Industrial Production came in 0.6% vrs a consensus of 2% year on year and 3% vrs 1.7% previous quarter on quarter, Q1. The pair will see further data for Switzerland tomorrow with Retail sale, and then later on in the week there will be key Us data in focus, starting with Fed minutes on Wednesday.
USD/CHF looking for the 0.9840 high
Meanwhile, Karen Jones, Chief analyst at Commerzbank said the USD/CHF finished the week with another aggressive rally higher. She explained the market has eroded the 0.9568 61.8% Fibonacci retracement and March high, and she looks for a move to 0.9687/88 (78.6% retracement) en route to the 0.9840 high. “The slightly longer-term target is the 0.9950/72 zone, which represents the 2012 high. We note the TD perfected set up on the 240 minute charts but dips are expected to hold over 0.9500/0.9462 (accelerated uptrend and the 55 day ma) and while above here remain immediately bid.”
USD/CHF has met a high and is trading in London at daily highs in the aftermath of the NFP’s upside surprises. Data wise, Swiss Industrial Production came in 0.6% vrs a consensus of 2% year on year and 3% vrs 1.7% previous quarter on quarter, Q1. The pair will see further data for Switzerland tomorrow with Retail sale, and then later on in the week there will be key Us data in focus, starting with Fed minutes on Wednesday.
USD/CHF looking for the 0.9840 high
Meanwhile, Karen Jones, Chief analyst at Commerzbank said the USD/CHF finished the week with another aggressive rally higher. She explained the market has eroded the 0.9568 61.8% Fibonacci retracement and March high, and she looks for a move to 0.9687/88 (78.6% retracement) en route to the 0.9840 high. “The slightly longer-term target is the 0.9950/72 zone, which represents the 2012 high. We note the TD perfected set up on the 240 minute charts but dips are expected to hold over 0.9500/0.9462 (accelerated uptrend and the 55 day ma) and while above here remain immediately bid.”