Forex: USD/CHF looks up on Wednesday
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USD/CHF
FXstreet.com (Barcelona) - The November upside seen on the chart was capped on Nov-9 at 0.9499, allowing then fully retracement of gains and an extension to as low as 0.9257 on the announcement that a deal between the Troika and Greece was made. Since the news, the pair is bouncing from the pressured momentum and regained the 0.9300 mark.
Today, the market is resuming the bias and has gone to 0.9321 so far. Yesterday, US November consumer confidence (highest reading since Feb-2008 at 73.7) and November Richmond Fed manufacturing (up from -7 to 9, instead of -2 consensus) helped the greenback surging. The USD is strengthening as "fiscal cliff" talks enter the final stage before year end.
"We note the close proximity of the 0.9215 October low, a TD perfection on the daily chart and the key day reversal charted yesterday - all of which suggest that we have charted an interim low", wrote analyst Karen Jones, expecting a retest of the 0.9505/13 recent highs and resistance, provided that the market stabilizes ahead of 0.9215.
Today, the market is resuming the bias and has gone to 0.9321 so far. Yesterday, US November consumer confidence (highest reading since Feb-2008 at 73.7) and November Richmond Fed manufacturing (up from -7 to 9, instead of -2 consensus) helped the greenback surging. The USD is strengthening as "fiscal cliff" talks enter the final stage before year end.
"We note the close proximity of the 0.9215 October low, a TD perfection on the daily chart and the key day reversal charted yesterday - all of which suggest that we have charted an interim low", wrote analyst Karen Jones, expecting a retest of the 0.9505/13 recent highs and resistance, provided that the market stabilizes ahead of 0.9215.
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