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Forex pairs in this Article » USD/CHF (Athens) – The USD/CHF has been trading constantly downwards since the kick off of the early Asian opening session despite the fact that the American dollar enjoys a relief mini rally on debt progress across the board.

The USD/CHF didn’t manage to move higher on the news that finally even almost at the 12th hour Washington reached an agreement to raise the debt-ceiling and to reopen the government even to a very short – extended period. Briefly, the debt ceiling decided to be raised till the 7th of February while the US government will reopen through to 15th of January. However, taken for granted, that for granted that the deal maintains the Treasury's ability to use "extraordinary measures" to handle its finances when the debt ceiling looms, it is more probable that the debt ceiling will not be actually hit again till spring of 2014. All in all, at the time of writing it seems that the American dollar becomes again muted after the US House of Representatives approved the budget deal. Market participants should read between the lines to realize that the focus is returning quickly on economic fundamentals and in the “notorious” tapering issue.

Technical Aspects on the USD/CHF

Traders interested in the cross, should by far take into major consideration that there is a heavy almost – absolute – inverse correlation between the USD/CHF and the EUR/USD pairs. Thus, it is of significant importance to look simultaneously on both crosses when trading. Our personal aspect of view is that as long as the cross is being rejected by the 38.2% Fibonacci retracement of the September – to – October decline around the area as of 0.9152, the USD/CHF will not pluck up the courage to find the momentum to move further upwards. On the other hand, as long as the pair is above the 20 – daily EMA (now at 0.9115) it finds solid support. At the time of writing the cross is trading at 0.9120, down 0.11%. The Trend Index shows the pair to be strongly bearish in the 15-minutes timeframe chart. Daily pivot point support can be found at 0.9115 0.9092, 0.9069, and resistance at 0.9194, 0.9217 and 0.9240, respectively.
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