5 Sep 2013
USD/CHF consolidates above 0.9440 zone
FXstreet.com (Chicago) - USD/CHF registers 0.96% gains so far ahead of the American trading session closing. The greenback has strengthened against the Swissy after triggered bullish reaction among market participants on US data.
The main focus is the Fed
After the release of US data that was better-than-expected with initial jobless claims at 323K vs. past 332K and expected 330K and declining continuing jobless claims at 2.951M vs. past 2.994M and expected 2.980M, the Fed’s tapering continues to be the center of attention. So far, Wall Street registers gains with the Dow up 0.12%, the Nasdaq up 0.35% and the S&P 500 higher 0.20%. Another important news release was the improved results for the nonfarm productivity at 2.3% vs. past -1.7% and estimates at 1.5%. If non-farm payrolls are strong, market participants speculate the Fed may reduce the monetary stimulus considerably sooner than later.
USD/CHF Technical Levels
Technically speaking, the pair trades at 0.9445 and navigates between supports at 0.94 (August 15th highs), 0.9352 (August 14th highs) ahead of 0.93 (September 1st lows) and resistances at 0.9478 (July 18th highs), 0.9530 (July 12th highs) followed by 0.9566 (July 4th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and trades above the EMA20, extending upward trendline and bullish momentum.
The main focus is the Fed
After the release of US data that was better-than-expected with initial jobless claims at 323K vs. past 332K and expected 330K and declining continuing jobless claims at 2.951M vs. past 2.994M and expected 2.980M, the Fed’s tapering continues to be the center of attention. So far, Wall Street registers gains with the Dow up 0.12%, the Nasdaq up 0.35% and the S&P 500 higher 0.20%. Another important news release was the improved results for the nonfarm productivity at 2.3% vs. past -1.7% and estimates at 1.5%. If non-farm payrolls are strong, market participants speculate the Fed may reduce the monetary stimulus considerably sooner than later.
USD/CHF Technical Levels
Technically speaking, the pair trades at 0.9445 and navigates between supports at 0.94 (August 15th highs), 0.9352 (August 14th highs) ahead of 0.93 (September 1st lows) and resistances at 0.9478 (July 18th highs), 0.9530 (July 12th highs) followed by 0.9566 (July 4th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and trades above the EMA20, extending upward trendline and bullish momentum.