2 Jul 2013
USD/CHF jumps back above 0.9500
FXstreet.com (New York) - The USD/CHF foreign exchange rate rebounded off an earlier trough at 0.9475, surging higher and retracing its former gains during US trading.
USD/CHF rebounds higher
At the time of writing, the USD/CHF pair is operating at 0.9507, securing a gain of +0.56% Tuesday. According to Research Analyst Geoffrey Yu at UBS, “Yesterday the USD/CHF again saw the test of critical resistance at 0.9484; a closing break above this would be positive opening 0.9568 – support is at 0.9407 ahead of 0.9361, suggesting a neutral outlook.
USD/CHF upside move still valid
“The USD/CHF attempted to stabilize above 0.9485 yesterday, represented in 50% correction of CD Leg of the Alternative harmonic Bat Pattern, but failed to trade below it. In fact, the technical harmonic analysis rules governs us now as stability above the first target represented in 38.2% correction at 0.9400 keeps the possibility of the overall upside move.” Notes the Technical Analyst Team at ICN.com.
USD/CHF rebounds higher
At the time of writing, the USD/CHF pair is operating at 0.9507, securing a gain of +0.56% Tuesday. According to Research Analyst Geoffrey Yu at UBS, “Yesterday the USD/CHF again saw the test of critical resistance at 0.9484; a closing break above this would be positive opening 0.9568 – support is at 0.9407 ahead of 0.9361, suggesting a neutral outlook.
USD/CHF upside move still valid
“The USD/CHF attempted to stabilize above 0.9485 yesterday, represented in 50% correction of CD Leg of the Alternative harmonic Bat Pattern, but failed to trade below it. In fact, the technical harmonic analysis rules governs us now as stability above the first target represented in 38.2% correction at 0.9400 keeps the possibility of the overall upside move.” Notes the Technical Analyst Team at ICN.com.