USD/CHF: the key 0.8950 support is still intact

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Moscow) - USD/CHF started the European session on a bearish note as the pair retraced from Asian high of 0.8983 and dipped to 0.8962

What will SNB do next?

The Swissy is very dependent on the euro moves, and the monetary policy of the SNB is tightly related to the one of the ECB. Thus, given the recent actions from the European Central Bank, the looming meeting of the Swiss National Bank scheduled on June, 19 may be not that boring as the previous ones. The rumors on launching negative rates on sight deposit are growing, and if so, the Swissy may come under pressure even on expectations of such move. The initial target to the upside for the pair is at 8990/00. The downside correction may be limited by 0.8950

What are today’s key USD/CHF levels?

Today's central pivot point can be found at 0.8989 with support below at 0.8965, 0.8946 and 0.8932, with resistance above at 0.9008, 0.9032, and 0.9051. Hourly Moving Averages are mixed, with the 200SMA at 0.8971 and the daily 20EMA bullish at 0.8948. Hourly RSI is bearish at 39.

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