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Forex pairs in this Article » USD/CHF (London) - USD/CHF has been trading between 0.9660/70 and 0.9624 since the start of the week.

USD/CHF climbed from the lows of yesterday NY session to break out of the congested zone between 0.9640/50 and was handed back to Europe at the 0.9660 next resistance level. The pair has recovered after a broadly weaker USD in the absence of much in the way of data that has been in focus. The pair has settled and has been trading in tight range in the aftermath of Fridays NFP’s. This morning we have seen a poor set of Retail Sales for Switzerland for May yoy, coming in at 1.8% vrs 1.9% consensus but well below previous 3.1%. The pair hasn’t reacted.

USD/CHF eyes next leg up

USD/CHF has basically held sideways consolidating recent gains as it squares up to its next resistance at 0.9687/88 (78.6% retracement), said Karen Jones, chief analyst at Commerzbank. “This is considered to be the last defence for the 0.9840 high. The slightly longer -term target is the 0.9950/72 zone, which represents the 2012 high. We note the TD perfected set up on the 240 minute chart but dips are expected to hold over 0.9522/0.9464 (accelerated uptrend and the 55 day ma) and while above here, the market remains immediately bid.”
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