Forex: USD/CHF operating at 0.9314 in muted trading
Forex pairs in this Article »
USD/CHF
FXstreet.com (Barcelona) - The USDCHF has engaged in sticky trading Friday, as the pair has been confined to a narrow trading range of only 25 pips (0.9299 - 0.9324). Presently, the pair has edged higher above the 0.9300 level, where it appear to have stabilizes ahead of some key US data releases later this afternoon beginning at 12:30 GMT.
In these moments the cross has secured a modest advance of +0.11% on the day, placing it near the region of 0.9314. Despite the positive trading this morning, the exchange rate has continued to underperform both its 50 and 100-hourly SMA by a fairly significant margin (35 and 50 pips respectively).
"The USDCHF confirms near-term negative stance, as failure to clear initial 0.9400 barrier has triggered a bout fresh weakness that fell below important levels at 0.9330/00 (previous base and 4h Ichimoku cloud base/psychological support). The downside remains favored, as 1 and 4h indicators are in the negative zone, however, oversold hourly conditions sparked corrective bounce." writes Slobodan Drvenica, an analyst at Windsor Brokers Ltd.
Briefing the technicals, Drvenica points to means of resistance at 0.9330, then 0.9353, and finally 0.9381. On the decent, a breach below 0.9300 will initiate supports at 0.9283 and 0.9237.
In these moments the cross has secured a modest advance of +0.11% on the day, placing it near the region of 0.9314. Despite the positive trading this morning, the exchange rate has continued to underperform both its 50 and 100-hourly SMA by a fairly significant margin (35 and 50 pips respectively).
"The USDCHF confirms near-term negative stance, as failure to clear initial 0.9400 barrier has triggered a bout fresh weakness that fell below important levels at 0.9330/00 (previous base and 4h Ichimoku cloud base/psychological support). The downside remains favored, as 1 and 4h indicators are in the negative zone, however, oversold hourly conditions sparked corrective bounce." writes Slobodan Drvenica, an analyst at Windsor Brokers Ltd.
Briefing the technicals, Drvenica points to means of resistance at 0.9330, then 0.9353, and finally 0.9381. On the decent, a breach below 0.9300 will initiate supports at 0.9283 and 0.9237.
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