22 Oct 2013
USD/CHF on trading range below 0.8950
FXstreet.com (Chicago) - USD/CHF extends the trading range around 18-month depths after fall below previously set supports. Down 0.81% for the day, the pair prints the largest losses among currency pairs ahead of Wall Street closing.
Data expectations in the US were way off
Earlier data evidenced a situation where the US economy is still under peril despite attempts to fully revitalize it. Non-farm payrolls for September were 148K vs. past 193K and expected 180K while net long-term TIC flows for August were $8.9B vs. expected $30.9B. In the contrary, Switzerland had a better than expected trade balance at 2,494M vs. expected 2,104M.
USD/CHF Technical Levels
Price action reveals the pair navigates around 18-month depths after precipitous fall to 0.8939 lows on job data reactions in the US. Stalled around that area, the pair oscillates between the supports aligned at 0.89 (January 30th 2012 lows), 0.8850 (July 30th 2011 highs) ahead of 0.8795 (March 8th 2011 lows) and the resistances set at 0.8979 (October 3rd lows), 0.90 (October 18th lows) followed by 0.9043 (May 2nd 2012 lows). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis below the EMA20.
Data expectations in the US were way off
Earlier data evidenced a situation where the US economy is still under peril despite attempts to fully revitalize it. Non-farm payrolls for September were 148K vs. past 193K and expected 180K while net long-term TIC flows for August were $8.9B vs. expected $30.9B. In the contrary, Switzerland had a better than expected trade balance at 2,494M vs. expected 2,104M.
USD/CHF Technical Levels
Price action reveals the pair navigates around 18-month depths after precipitous fall to 0.8939 lows on job data reactions in the US. Stalled around that area, the pair oscillates between the supports aligned at 0.89 (January 30th 2012 lows), 0.8850 (July 30th 2011 highs) ahead of 0.8795 (March 8th 2011 lows) and the resistances set at 0.8979 (October 3rd lows), 0.90 (October 18th lows) followed by 0.9043 (May 2nd 2012 lows). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis below the EMA20.