Forex: USD/CHF rallies to 0.9325 high on US data
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USD/CHF
FXstreet.com (Barcelona) - The greenback is surging ever since the announcement of an agreement between the Troika members and Greece for a sustainable path for its debt and the ¬44B aid to be disbursed in three tranches. As the market consolidates last week's "risk on" movements, the USD trades strong today and pushed the USDCHF up to 0.9325 high, boosted by a strong US consumer confidence report.
The November consumer confidence indicator in the US had the highest reading since February 2008, posting an actual 73.7, and beating consensus of 73.0. The October reading came in at 72.2. Richmond Fed Manufacturing jumped from -7 to 9 in November, instead of staying negative at -2.
"On the downside, break below 0.9213, would signal an end of two-month consolidative phase and open fresh bear-leg, as a part of broader descend from 0.9970, 24 July yearly peak", wrote Windsor Brokers analyst Slobodan Drvenica, expecting the Initial 0.9300 barrier, reinforced by descending 20 day EMA, to cap for now.
The November consumer confidence indicator in the US had the highest reading since February 2008, posting an actual 73.7, and beating consensus of 73.0. The October reading came in at 72.2. Richmond Fed Manufacturing jumped from -7 to 9 in November, instead of staying negative at -2.
"On the downside, break below 0.9213, would signal an end of two-month consolidative phase and open fresh bear-leg, as a part of broader descend from 0.9970, 24 July yearly peak", wrote Windsor Brokers analyst Slobodan Drvenica, expecting the Initial 0.9300 barrier, reinforced by descending 20 day EMA, to cap for now.
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