Forex: USD/CHF retraces morning spike
Forex pairs in this Article »
USD/CHF
FXstreet.com (Barcelona) - Having come close to breaking 0.9500 this morning, USDCHF found resistance just below the key level and R1 resistance at 0.9508 and has since declined to where it currently trades at 0.9471, down 0.13% on the days trading.
With an empty economic calendar and lower than usual volume due to Armistice Day and Veterans Day in France and the US respectively, price action has had an element of directionless momentum to it so far. Spot's move lower has found short term support on the hourly 50 MA, just above the daily pivot point at 0.9468 which was also effective in early morning trading. However, a break below would see S1 support at 0.9439, close to the Friday low come into play.
Elsewhere, European stocks have largely pushed forward into positive territory whilst commodities look mixed to lower and critical European yields are down and stable.
With an empty economic calendar and lower than usual volume due to Armistice Day and Veterans Day in France and the US respectively, price action has had an element of directionless momentum to it so far. Spot's move lower has found short term support on the hourly 50 MA, just above the daily pivot point at 0.9468 which was also effective in early morning trading. However, a break below would see S1 support at 0.9439, close to the Friday low come into play.
Elsewhere, European stocks have largely pushed forward into positive territory whilst commodities look mixed to lower and critical European yields are down and stable.
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