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Forex pairs in this Article » USD/CHF
FXstreet.com (London) - USD/CHF remains well below the descending trending resistance line line as we move into the week ahead of the FOMC being the highlight that those sleepy holiday season dealing desks are waiting for.

USD/CHF has bottomed out for now just shy of the 0.89 handle having lost the handle earlier on I the session as the start of this week. Karen Jones, Head of FICC Technical Analysis at Commerzbank noted that USD/CHF last week tested and held 3 times at the 0.8862/46 zone. “This represents the 38.2% retracement from the 2011 low and a Fibonacci extension. We continue to look for this to hold. We note the 13 count on the 240 minute chart and intraday charts are have become more positive. A close above the 0.9097 resistance line is needed to alleviate immediate downside pressure and trigger a recovery to the 100 day ma at 0.9138”. Jones further added that, currently, failure at 0.8845/20 will introduce scope to the bottom of the channel at 0.8703 but this is not our favoured scenario. “We continue to watch for signs of reversal”.

USD/CHF Levels

The 20 DMA is 0.9021, the 50 DMA is 0 .9053 and the 200 DMA is 0.9291. RSI (14) reads 29.76. Supports are ascending from 0.8766, 0.8839 and 0.8863. Spot is currently 0.8872 while resistances are 0.8900, 0.8918, 0.8941, 0.8957 and 0.8984.
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