Forex: USD/CHF consolidates at 0.9579
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USD/CHF
FXstreet.com (Barcelona) - After peaking briefly at the 0.9588 (intraday maximum) level earlier today, the USDCHF has consolidated its gains in the area of 0.9579 Friday. In the absence of any groundbreaking data or indicators emanating out of the Eurozone today, investors will await the results of the Samaras-Merkel meeting, scheduled for later today.
According to the ICN.com Analyst Team, "The USDCHF has approached our weekly target that was set in many previous reports at 0.9520. Over intraday basis, the risk to reward ratio is inappropriate, where despite the general downside move since the pair reached the top D of the Butterfly Pattern at 0.9971, the pair is now trading within a tight range between 78.6% and 88.6% correction pattern at 0.9570 and 0.9520, which forces us to stay aside for today."
The USDCHF is presently advancing at a rate of +0.21% on the day, subject to the whims and mood of investors as the meeting draws nearer. According to the technical analyst team at ICN.com, the pair will encounter short-term resistances at 0.9610, 0.9655, and finally 0.9680. On the downside, the pair's fall will be bolstered by supportive means located at 0.9520, then 0.9490, and 0.9460.
According to the ICN.com Analyst Team, "The USDCHF has approached our weekly target that was set in many previous reports at 0.9520. Over intraday basis, the risk to reward ratio is inappropriate, where despite the general downside move since the pair reached the top D of the Butterfly Pattern at 0.9971, the pair is now trading within a tight range between 78.6% and 88.6% correction pattern at 0.9570 and 0.9520, which forces us to stay aside for today."
The USDCHF is presently advancing at a rate of +0.21% on the day, subject to the whims and mood of investors as the meeting draws nearer. According to the technical analyst team at ICN.com, the pair will encounter short-term resistances at 0.9610, 0.9655, and finally 0.9680. On the downside, the pair's fall will be bolstered by supportive means located at 0.9520, then 0.9490, and 0.9460.
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