Forex: USD/CHF trading above the 0.9300 level
Forex pairs in this Article »
USD/CHF
FXstreet.com (Barcelona) - The USDCHF has maintained its grip on the 0.9300 level, despite fluctuating only 24 pips so far Wednesday (0.9300 daily minimum, 0.9324 daily maximum). In the aftermath of some economic data published out of the EMU, the pair has stabilized in the region of 0.9308/10, netting a gain of only +0.04% above its opening during European trading.
The USDCHF stabilized above the 0.9305 level, weakening the bearish Butterfly Pattern effect, at the time the stochastic was trading negatively. The linear regression indicator (LRI) 34 became positive but LRI 55 remained negative - these conflicting conditions force us to remain neutral today as we cannot confirm the end of the technical harmonic pattern's effect and also cannot confirm its effect without stability below 0.9305." writes the ICN.com analyst team.
In the EMU, the M3 Money Supply (3m) yielded a result of +3.1% in October, relative to +3.0% previously. In addition, the M3 Money Supply (YoY) grew at a rate of +3.9% in October, against a consensus of +2.8%. Finally, Private Loans (YoY) have contracted -0.7% in the month of October, against expectations of -0.9%.
Briefing the technical levels, ICN.com analysts point to resistive measures at 0.9330, 0.9370, onto 0.9395. Conversely, supportive means will trigger if the USDCHF falls to 0.9275, then 0.9245, and finally 0.9200 (key support).
The USDCHF stabilized above the 0.9305 level, weakening the bearish Butterfly Pattern effect, at the time the stochastic was trading negatively. The linear regression indicator (LRI) 34 became positive but LRI 55 remained negative - these conflicting conditions force us to remain neutral today as we cannot confirm the end of the technical harmonic pattern's effect and also cannot confirm its effect without stability below 0.9305." writes the ICN.com analyst team.
In the EMU, the M3 Money Supply (3m) yielded a result of +3.1% in October, relative to +3.0% previously. In addition, the M3 Money Supply (YoY) grew at a rate of +3.9% in October, against a consensus of +2.8%. Finally, Private Loans (YoY) have contracted -0.7% in the month of October, against expectations of -0.9%.
Briefing the technical levels, ICN.com analysts point to resistive measures at 0.9330, 0.9370, onto 0.9395. Conversely, supportive means will trigger if the USDCHF falls to 0.9275, then 0.9245, and finally 0.9200 (key support).
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