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Forex pairs in this Article » USD/CHF (Athens) – The USD/CHF has been heading north since the kick off of the Asian trading session and is struggling to overcome the 0.9100 handle.

USD/CHF eyes 0.9100 as EUR/USD moves sharply downwards

The USD/CHF is trading notably higher the last couple of hours since the EUR/USD is trading to the opposite side, and as it widely known there is a heavy inverse correlation between the two crosses which clings roughly to -1 (approximately -0.93). Thus, traders should bear in mind to look at both pairs while trading one of them; earlier, we had a release of Swiss PMI data that missed slightly the expectations. Elaborating on, the Swiss PMI index announced at 54.2 area, slight below the expected as of 55.2 and well below the previous one (55.3).

Technical Perspectives on the USD/CHF

It is important to point out that the USD/CHF managed to overcome clearly the 0.9022 area (23.6% of the Fibonacci level), so is now heading north trying also overcome clearly the 0.9104 level (38.2% Fibonacci level). At the time of writing the cross is laying above the 0.9104 area, at 0.9111 level. A decent close above the 38.2% of the Fibonacci level, might bring the cross higher near the 0.9170 area (50%Fibobacci, trend line from February as of 2012), while a close below the 0.9022 (23.6% of the Fibonacci level), would might bring the pair exposed to the 0.8899 level (daily low as of October 24).
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