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Forex pairs in this Article » USD/CHF
FXstreet.com (Chicago) - USD/CHF falls back to the 0.8940 front forming a double-bottom pattern on shorter-term timeframes after the release of US data revealing a decrease in personal spending.

Data out; Little to no reaction

The most recent data releases in the US are: personal income (MoM) at 0.2% vs. expected 0.5%; core personal consumption expenditure – price index (MoM) at 0.1% matching expectations, personal spending at 0.5% matching estimates and the Chicago Fed National Activity Index for November at 0.6 vs. expected -0.07.

USD/CHF Technical Levels


Technically speaking, the pair is offered at 0.8947 and navigates between supports at 0.8918 (September 20th 2011 lows), 0.8840 (December 10th lows) ahead of 0.8789 (October 25th lows) and the resistances set at 0.8974 (October 6th lows), 0.9031 (November 30th lows) followed by 0.9109 (December 10th highs). Still within last week’s boundaries, price movement evidences parallel action between the 23.6% and 38.2% Fibonacci levels (0.8840/0.90). With primary and secondary trends converging and a price below the EMA20 on one-hour timeframe analysis, 4HR and 1HR charts diverge as the latter manifests a potential an inconclusive reversal.
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