Forex: USD/CHF extends correction higher
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USD/CHF
FXstreet.com (Barcelona) - The decline seen since November, and sharpened in December, found its low at 0.9084 yesterday and its bouncing today. NY opening flows are extending gains above the previous daily high at 0.9157 as investors show their concerns regarding progress on fiscal cliff negotiations.
The US economic calendar indicates a Chicago Fed National Activity index up to 0.10 in November, from -0.64 in the prior month (revised from -0.56). Durable Goods eased from 1.1% to 0.7% in November, not as weak as the expected 0.2%. Personal income rose from 0.1% to 0.6%, beating 0.3% consensus, and personal spending grew 0.4% as expected.
The market rally has gone to 0.9170 high for now. "Further corrective action is not ruled out, with regain of psychological 0.9200 resistance, reinforced by 55 day EMA and more significant 0.9240, previous range floor and 50% of 0.9381/0.9081, required to provide relief and prevent the pair from fresh slide towards 0.9040/00, next downside targets", wrote Windsor Brokers analyst Slobodan Drvenica.
The US economic calendar indicates a Chicago Fed National Activity index up to 0.10 in November, from -0.64 in the prior month (revised from -0.56). Durable Goods eased from 1.1% to 0.7% in November, not as weak as the expected 0.2%. Personal income rose from 0.1% to 0.6%, beating 0.3% consensus, and personal spending grew 0.4% as expected.
The market rally has gone to 0.9170 high for now. "Further corrective action is not ruled out, with regain of psychological 0.9200 resistance, reinforced by 55 day EMA and more significant 0.9240, previous range floor and 50% of 0.9381/0.9081, required to provide relief and prevent the pair from fresh slide towards 0.9040/00, next downside targets", wrote Windsor Brokers analyst Slobodan Drvenica.
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