11 Nov 2013
USD/CHF on a knife-edge amidst European session
FXstreet.com (Athens) – The USD/CHF is under pressure during the European trading hours as EUR/USD eyes 1.3400.
The USD/CHF has been under slight pressure since the kick off of the European trading hours, partly due to the uptrend shift of the EUR/USD, as well as due to the fact that the USD/CHF could not help itself to make a decent close above the 0.9340 level (61.8% Fibonacci retracement of the downwards movement of the 0.9455-0.8891 area). Ahead of, we are amidst a very light calendar data day, due to the Veterans day in the US and to bank-holidays in many Euro land countries.
Technical Aspects on the USD/CHF
While the cross didn’t manage to close above the 0.9340 level (61.8% Fibonacci retracement of the downwards movement of the 0.9455-0.8891 area) neither Thursday nor Friday during the past week, it is still far away from the 3-month resistance line at 0.9150 area and still struggles to remain above the 0.9200 handle. Karen Jones Head Technical Analyst of Commerzbank mentions that “Our next target zone is the 0.9320/22 200 day ma and 50% retracement of the move down from July. While we would allow for some profit taking here it should be noted that we then look for gains to the .9455 September peak and eventually to the 55 MONTH ma at .9610.”
The USD/CHF has been under slight pressure since the kick off of the European trading hours, partly due to the uptrend shift of the EUR/USD, as well as due to the fact that the USD/CHF could not help itself to make a decent close above the 0.9340 level (61.8% Fibonacci retracement of the downwards movement of the 0.9455-0.8891 area). Ahead of, we are amidst a very light calendar data day, due to the Veterans day in the US and to bank-holidays in many Euro land countries.
Technical Aspects on the USD/CHF
While the cross didn’t manage to close above the 0.9340 level (61.8% Fibonacci retracement of the downwards movement of the 0.9455-0.8891 area) neither Thursday nor Friday during the past week, it is still far away from the 3-month resistance line at 0.9150 area and still struggles to remain above the 0.9200 handle. Karen Jones Head Technical Analyst of Commerzbank mentions that “Our next target zone is the 0.9320/22 200 day ma and 50% retracement of the move down from July. While we would allow for some profit taking here it should be noted that we then look for gains to the .9455 September peak and eventually to the 55 MONTH ma at .9610.”