Forex: USD/CHF tests resistance at 0.9800
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USD/CHF
FXstreet.com (Barcelona) - The genesis of the greenback's ascent against the Swiss Franc can be traced back to its opening, taking the pair to new daily heights and surpassing the 0.9800 level in these moments. The specter of Euro skepticism has been the exchange rate's primary driver Friday, including most recently, a bid to refinance Spain.
According to ECB's Coene, the Spanish bank Dexia is in dire need of urgent recapitalization. Recently, Spain has been under increasing market pressure, while the sovereign government has continued to weigh the option of formally applying for EFSF support.
As investor flight bolsters the USD, the cross is trading near session highs, presently settling at 0.9806, appreciating at a rate of +0.47% above its opening levels. The technical analyst team at ICN.com points to the next resistance levels at 0.9835, 0.9880, and ultimately 0.9900. On the downside, supportive means will be enabled after crossing the threshold of 0.9775, followed by 0.9720, and finally 0.9700.
According to ECB's Coene, the Spanish bank Dexia is in dire need of urgent recapitalization. Recently, Spain has been under increasing market pressure, while the sovereign government has continued to weigh the option of formally applying for EFSF support.
As investor flight bolsters the USD, the cross is trading near session highs, presently settling at 0.9806, appreciating at a rate of +0.47% above its opening levels. The technical analyst team at ICN.com points to the next resistance levels at 0.9835, 0.9880, and ultimately 0.9900. On the downside, supportive means will be enabled after crossing the threshold of 0.9775, followed by 0.9720, and finally 0.9700.
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