Forex: USD/CHF capped at 0.9300 ahead of US durable goods
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USD/CHF
FXstreet.com (Barcelona) - The corrective reaction after the Troika-Greece debt sustainability agreement that the market was pricing in throughout the entire last week allowed the USDCHF to retest the 0.9300 mark as resistance and look for an extension higher.
The pair posted gains up to 0.9308 high, but has softened back down as investors prepare for the NY opening and the release of the US durable goods report. "Markets are looking for a pullback in total durable goods orders as the aerospace sector normalizes after a big boost in Sept, but they're also expecting -0.6% for core capital goods orders, after only crawling ahead the prior two months", wrote TD Securities analyst Alvin Pontoh.
"On the downside, break below 0.9213, would signal an end of two-month consolidative phase and open fresh bear-leg, as a part of broader descend from 0.9970, 24 July yearly peak", wrote Windsor Brokers analyst Slobodan Drvenica, expecting the Initial 0.9300 barrier, reinforced by descending 20 day EMA, to cap for now.
The pair posted gains up to 0.9308 high, but has softened back down as investors prepare for the NY opening and the release of the US durable goods report. "Markets are looking for a pullback in total durable goods orders as the aerospace sector normalizes after a big boost in Sept, but they're also expecting -0.6% for core capital goods orders, after only crawling ahead the prior two months", wrote TD Securities analyst Alvin Pontoh.
"On the downside, break below 0.9213, would signal an end of two-month consolidative phase and open fresh bear-leg, as a part of broader descend from 0.9970, 24 July yearly peak", wrote Windsor Brokers analyst Slobodan Drvenica, expecting the Initial 0.9300 barrier, reinforced by descending 20 day EMA, to cap for now.
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