Forex: USD/CHF finds support at 200-day SMA
FXstreet.com (Córdoba) - The US dollar remains under pressure during the American session, as appetite for risk improved amid reports Greece could receive ¬44 billion on Dec 5 in aid and as investors were encouraged by signs of progress in US fiscal cliff negotiations.
Having lost over 60 pips throughout the day, given the high correlation between the euro and the franc since the SNB set a floor for EURCHF, USDCHF recently hit its lowest in nearly 2 weeks at 0.9393 where the 200-day SMA contained the slide. At time of writing, USDCHF is quoting at the 0.9400 area, 0.5% below its opening price.
As for technical levels, immediate supports are seen at 0.9393 (200-day SMA), 0.9380 (Nov 7 low) and 0.9310 (Nov 2 low). On the upside, resistances could now be found at 0.9455 (intraday high), 0.9475 (Nov 14 high) and 0.9490 (Nov 16 high).
Having lost over 60 pips throughout the day, given the high correlation between the euro and the franc since the SNB set a floor for EURCHF, USDCHF recently hit its lowest in nearly 2 weeks at 0.9393 where the 200-day SMA contained the slide. At time of writing, USDCHF is quoting at the 0.9400 area, 0.5% below its opening price.
As for technical levels, immediate supports are seen at 0.9393 (200-day SMA), 0.9380 (Nov 7 low) and 0.9310 (Nov 2 low). On the upside, resistances could now be found at 0.9455 (intraday high), 0.9475 (Nov 14 high) and 0.9490 (Nov 16 high).
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