Forex: USD/CHF trading positively at 0.9295/97
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USD/CHF
FXstreet.com (Barcelona) - The USDCHF has traded within a fairly 26-pip range as of European trading Monday, as the market appears to be devoid of any broad strokes or catalysts. On the heels of some better-than-expected Swiss data, the pair has risen near session highs, trading presently at 0.9295/97, advancing at a rate of +0.11% in these moments.
According to the Slobodan Drvenica, an analyst at Windsor Brokers Ltd., "A fresh bearish extension through the psychological 0.9300 support and weekly close below here would keep bears in play for a full retracement of 0.9213/0.9511 rally. Consequently, a loss of the last support at 0.9275 will also confirms bearish stance. However, corrective action, preceding fresh slide cannot be ruled out, as hourly indicators are emerging from oversold zone and more indicative for the near-term outlook, 4h studies, are overextended."
Supportive structures for the USDCHF will initiate at 0.9275, 0.9263, and finally 0.9237. Conversely, initial resistance lies at 0.9300 (overnight high) with more significant correction at 0.9335 (22 Nov low / Fib 38.2% of 0.9456/0.9263), expected to cap any stronger bounce, notes Slobodan Drvenica.
Earlier today in Switzerland, Employment level (QoQ) was reported at 4.122M in the third quarter, which exceeded expectations of only 4.088M, and marking an improvement from 4.072M previously.
According to the Slobodan Drvenica, an analyst at Windsor Brokers Ltd., "A fresh bearish extension through the psychological 0.9300 support and weekly close below here would keep bears in play for a full retracement of 0.9213/0.9511 rally. Consequently, a loss of the last support at 0.9275 will also confirms bearish stance. However, corrective action, preceding fresh slide cannot be ruled out, as hourly indicators are emerging from oversold zone and more indicative for the near-term outlook, 4h studies, are overextended."
Supportive structures for the USDCHF will initiate at 0.9275, 0.9263, and finally 0.9237. Conversely, initial resistance lies at 0.9300 (overnight high) with more significant correction at 0.9335 (22 Nov low / Fib 38.2% of 0.9456/0.9263), expected to cap any stronger bounce, notes Slobodan Drvenica.
Earlier today in Switzerland, Employment level (QoQ) was reported at 4.122M in the third quarter, which exceeded expectations of only 4.088M, and marking an improvement from 4.072M previously.
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