Forex: USD/CHF sets new daily lows, trades at 0.9731
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USD/CHF
FXstreet.com (Barcelona) - The USDCHF has marked new intraday lows during European trading Monday, plunging as low as 0.9729 at the time of writing. Optimism from the Eurozone is the primary culprit, as the sudden drop has taken the pair down to levels that are testing its 100-hourly SMA.
A trifecta of optimistic headlines has brought the USD under siege, relative to its Swiss counterpart. Recent comments by the German government suggesting that the actual surplus in the domestic current account would be a sign of competitiveness, better-than-expected Q2 GDP figures in Greece, and a well-received Italian bill auction have coalesced into a singular force that is driving the pair southward.
The pair is firmly confined to its daily lows, trading presently at 0.9731 and recording a staunch depreciation of -0.40% since its opening. Haven broken support at 0.9751 and 0.9744, the technical analysts at AceTrader isolate the pair's next support at 0.9715. Any attempt at an advance will first have to scale the level of 0.9795, enabling the resistances of 0.9809 and 0.9830.
A trifecta of optimistic headlines has brought the USD under siege, relative to its Swiss counterpart. Recent comments by the German government suggesting that the actual surplus in the domestic current account would be a sign of competitiveness, better-than-expected Q2 GDP figures in Greece, and a well-received Italian bill auction have coalesced into a singular force that is driving the pair southward.
The pair is firmly confined to its daily lows, trading presently at 0.9731 and recording a staunch depreciation of -0.40% since its opening. Haven broken support at 0.9751 and 0.9744, the technical analysts at AceTrader isolate the pair's next support at 0.9715. Any attempt at an advance will first have to scale the level of 0.9795, enabling the resistances of 0.9809 and 0.9830.
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