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Forex pairs in this Article » USD/CHF (Athens) - The USD/CHF managed to overcome the barrier of 0.9300 level, due to a greater than expected increase in US GDP.

Will the USD/CHF manage to remain above 0.9300 level?

The USD/CHF spiked to 0.9305 area, as soon as the US annualized revised GDP beat estimations across the board. According to GLOBAL ECONOMICS ING FINMKT, ‘These figures will help to put the September taper question back into the limelight, and certainly encourage thoughts that a taper will be announced at the next FOMC meeting. However, we will have to wait for next Friday’s labor market report to be able to say with more confidence that this is in the bag – and much can happen in the meantime to scupper these thoughts, including of course a military strike on Syria, and likely slump in investor confidence in the aftermath, and of course, renewed spat over the budget ceiling and government spending’.

Technical outlook on USD/CHF

At the time of writing, the pair is trading at 0.9298, up 0.82%, after having hit daily high of 0.9305 (highest since 15th August). Commerzbank Technicals suggest that ‘USD/CHF has found support at 0.9147, slightly above the June low at .9130, and appears to be attempting to base. We note the divergence of the daily RSI and risks are for a near term recovery to the two month resistance line at .9262. This needs to be breached for the next higher 200- and 55-day moving averages at 0.9344/45 to be reached’. The Trend Index shows the pair to be slightly bullish. Daily pivot point support can be found at 0.9107, 0.9085, 0.9062 and resistance at 0.9309, 0.9334, 0.9360.
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