7 Jun 2013
USD/CHF quiet ahead of NFP’s
FXstreet.com (London) - USD/CHF has been supported back to 0.9250/80 while it had previously severed the 201-2013 support line on a broad dollar sell off.
“This leaves it vulnerable to further losses to .92065, April low and potentially 0.9023, the 2013 low. We note the Fibonacci retracement at 0.9198 and suspect that the 0.9206/0.9198 support will hold the initial test,” said Karen jones, senior analyst for Commerzbank. She added that rallies are likely to now find that the 200 day and 55 day moving averages will act as resistance at 0.9355, 0.9464.
According to analysts at ICN.com, the downside move extended and the pair broke the harmonic support level touching bottom A and C of the bearish harmonic Butterfly Pattern. Therefore, the possibility of extending bearishness is valid today as long as the pair stabilized below 0.9375 levels. The trading range for today is among key support at 0.9085 and key resistance at 0.9375. The general trend over short-term basis is to the downside stable at levels 0.9775 targeting 0.8860.
“This leaves it vulnerable to further losses to .92065, April low and potentially 0.9023, the 2013 low. We note the Fibonacci retracement at 0.9198 and suspect that the 0.9206/0.9198 support will hold the initial test,” said Karen jones, senior analyst for Commerzbank. She added that rallies are likely to now find that the 200 day and 55 day moving averages will act as resistance at 0.9355, 0.9464.
According to analysts at ICN.com, the downside move extended and the pair broke the harmonic support level touching bottom A and C of the bearish harmonic Butterfly Pattern. Therefore, the possibility of extending bearishness is valid today as long as the pair stabilized below 0.9375 levels. The trading range for today is among key support at 0.9085 and key resistance at 0.9375. The general trend over short-term basis is to the downside stable at levels 0.9775 targeting 0.8860.