USD/CHF telling a story of relative safety for the Franc / weakness for the greenback

FXstreet.com (Barcelona) - Global investors are voting with their wallets in favor of the Franc and Yen in lieu of the US Dollar – a situation that may not change until there is a serious solution to the US budget / debt ceiling issues.

USD/CHF testing Thursday’s lows with US data points due out later

USD/CHF traders will be monitoring US Durable Goods and the US University of Michigan Consumer Sentiment Survey.

Technical outlook for USD/CHF

Technicians say the USD/CHF is in a third wave move lower with downside targets at 0.8750 and points lower. Thursday’s low of 0.8889 is the short-term support, however. Resistance for USD/CHF comes in at today’s high of 0.8931 and is backed up by Wednesday’s high of 0.8965.