4 Mar 2014
USD/CHF; bid but needs a close above 0.8925
FXStreet (Guatemala) - USD/CHF has been grinding higher and has achieved the 0.88 handle and has penetrated the 0.8850 resistance.
Karen Jones noted that the USD/CHF sold off into marginal 2 year lows at 0.8777, reaching the previous downtrend drawn from the July 2013 peak. “This is currently located at 0.8780 and together with the base of a 2 year down channel at 0.8766 should contain the downside. We are somewhat encouraged that the market has started to erode 0.8831, the mid December low, but in order to negate downside pressure a close above the downtrend at 0.8925 is necessary”.
USD/CHF Levels
The 20 DMA is 0.8925, the 50 DMA is 0.8978 and the 200 DMA is 0.9158. RSI (14) reads 64.09. Supports are ascending from 0.8754, 0.8770, 0.8793, 0.8811 and 0.8850. Spot is 0.8856 while resistances are 0.8874, 0.8889 and 0.8919.
Karen Jones noted that the USD/CHF sold off into marginal 2 year lows at 0.8777, reaching the previous downtrend drawn from the July 2013 peak. “This is currently located at 0.8780 and together with the base of a 2 year down channel at 0.8766 should contain the downside. We are somewhat encouraged that the market has started to erode 0.8831, the mid December low, but in order to negate downside pressure a close above the downtrend at 0.8925 is necessary”.
USD/CHF Levels
The 20 DMA is 0.8925, the 50 DMA is 0.8978 and the 200 DMA is 0.9158. RSI (14) reads 64.09. Supports are ascending from 0.8754, 0.8770, 0.8793, 0.8811 and 0.8850. Spot is 0.8856 while resistances are 0.8874, 0.8889 and 0.8919.