10 Jul 2013
USD/CHF falls below 0.9700 level
FXstreet.com (New York) - The USD/CHF recovery was stonewalled at the 0.9715 level Wednesday, subsequently turning downwards and plunging over 20 pips to breach the 0.9700 barrier during US trading.
In these moments, the USD/CHF is entrenched in negative territory at 0.9690, having suffered a -0.39% drop in the exchange rate. Immediate support lies at 0.9683 (200-day SMA), followed by 0.9667, ahead of 0.9595.
Strategic bias
According to the Technical Analyst Team at ICN.com, “The USD/CHF dropped quickly and is currently trading below Linear Regression Indicators. However, the current move is correction to reduce the negativity on momentum indicators, then we go back to finish the upside move in response to the bullish harmonic alternative Bat Pattern that is extending its targets. It is important not to break 0.9650 levels for the bullish rebound possibility to remain intraday valid in the U.S. session.”
In these moments, the USD/CHF is entrenched in negative territory at 0.9690, having suffered a -0.39% drop in the exchange rate. Immediate support lies at 0.9683 (200-day SMA), followed by 0.9667, ahead of 0.9595.
Strategic bias
According to the Technical Analyst Team at ICN.com, “The USD/CHF dropped quickly and is currently trading below Linear Regression Indicators. However, the current move is correction to reduce the negativity on momentum indicators, then we go back to finish the upside move in response to the bullish harmonic alternative Bat Pattern that is extending its targets. It is important not to break 0.9650 levels for the bullish rebound possibility to remain intraday valid in the U.S. session.”