7 May 2014
USD/CHF stuck around 0.8740
FXStreet (Moscow) - USD/CHF opened the day at 0.8741, and slowly floated around that level reaching 0.8735 low by the moment.
History repeated
The Swissy feeds on the euro strength, and the dollar broad weakness. Nevertheless, the pair reached 0.8720 area yesterday, and may reverse the move, if FED’s Yellen in her testimony will just stick to her previous texts without any hints on the weakness of the US recovery. Besides, the pair is too close to March lows where the recent downtrend faded away triggering the correction to 0.8930, and this time the history may repeat itself.
What are today’s key USD/CHF levels?
Today's central pivot point can be found at 0.8748 with support below at 0.8715, 0.8686, and 0.8653, with resistance above at 0.8777, 0.8810, and 0.8839. Hourly Moving Averages are largely bearish, with the 200SMA at 0.8795 and the daily 20EMA bearish at 0.8807. Hourly RSI is bearish at 39.
History repeated
The Swissy feeds on the euro strength, and the dollar broad weakness. Nevertheless, the pair reached 0.8720 area yesterday, and may reverse the move, if FED’s Yellen in her testimony will just stick to her previous texts without any hints on the weakness of the US recovery. Besides, the pair is too close to March lows where the recent downtrend faded away triggering the correction to 0.8930, and this time the history may repeat itself.
What are today’s key USD/CHF levels?
Today's central pivot point can be found at 0.8748 with support below at 0.8715, 0.8686, and 0.8653, with resistance above at 0.8777, 0.8810, and 0.8839. Hourly Moving Averages are largely bearish, with the 200SMA at 0.8795 and the daily 20EMA bearish at 0.8807. Hourly RSI is bearish at 39.