23 Jul 2013
USD/CHF frozen during Asia ahead of London
FXstreet.com (Barcelona) - The USD/CHF foreign exchange rate is currently trading at 0.9357, practically flat for the session being since the NY close, off yesterday's weekly lows at 0.9320 printed on the back of a USD sell-off following lower than expected US housing data.
USD/CHF might have found a medium term base
As FX Charts analyst Jim Langlands points out, the pair is sitting in “between 0.9365 (61.8% of 0.9130/0.9750) and 0.9357 (200 DMA). In typical US$/Chf fashion the spike could turn out to be a medium term base, although the dailies are still pointing lower and so I suspect that we could see a retest of this in the next couple of days. The 4 hour charts though are hinting at some bullish divergence and thus a short term recovery towards/above 0.9400 would not surprise before we once again take another look at the downside.”
USD/CHF key technical levels
Immediate support to the downside for USD/CHF lies at recent session lows 0.9351, followed by yesterday's/June 25 lows at 0.9321/17, and June 24 lows at 0.9310. To the upside, closest resistance shows at current levels as July lows 0.9357, followed by July 11 lows at 0.9399, and June 28 lows at 0.9410.
USD/CHF might have found a medium term base
As FX Charts analyst Jim Langlands points out, the pair is sitting in “between 0.9365 (61.8% of 0.9130/0.9750) and 0.9357 (200 DMA). In typical US$/Chf fashion the spike could turn out to be a medium term base, although the dailies are still pointing lower and so I suspect that we could see a retest of this in the next couple of days. The 4 hour charts though are hinting at some bullish divergence and thus a short term recovery towards/above 0.9400 would not surprise before we once again take another look at the downside.”
USD/CHF key technical levels
Immediate support to the downside for USD/CHF lies at recent session lows 0.9351, followed by yesterday's/June 25 lows at 0.9321/17, and June 24 lows at 0.9310. To the upside, closest resistance shows at current levels as July lows 0.9357, followed by July 11 lows at 0.9399, and June 28 lows at 0.9410.