Filed Under:
Forex pairs in this Article » USD/CHF (Barcelona) - The USDCHF edged higher during European trading following a slight buildup of risk aversion permeating the markets given the unclear aftermath surround the EU finance ministers meeting as well as the unsettled direction of Greece. After peaking briefly at 0.9512 (daily maximum), the cross has retreated slightly to 0.9498/03 following the publication of Swiss data Tuesday.

"The first suggested Potential Reversal Zone (PRZ) at 0.9400 for the bearish Butterfly Pattern failed to halt the downside move, but the pattern did not fail yet, as it remains valid with stability below 0.9570. Currently, the stochastic is approaching overbought areas and that prevents us from leaning towards the extension of the upside move." warns the analyst team.

In Switzerland, Producer and Import Prices (YoY) yielded a growth of +0.4% in October, slightly missing consensus growth of +0.5%. In addition, Producer and Import Prices (MoM) fell -0.1% in October, against a projected figure of +0.2%.

The cross is netting an advance of +0.17% above its opening as it is firmly entrenched in positive territory. analysts point to resistances at 0.9501, followed by 0.9511 onto 0.9528. Regarding a consolidation or pullback, the USDCHF is slated to encounter means of support at 0.9474, then 0.9457, and finally 0.9447.
comments powered by Disqus