USD/CHF paused to think of further direction

By FXstreet.com | July 08, 2014 AAA

FXStreet (Moscow) - USD/CHF opened the day at 0.8934, reached session high at 0.8945, paused to think of further direction, and slid to 0.8930 area again.



Weak Swiss Numbers



The pair is on the move higher partly supported by the recent data from Switzerland. Weaker than expected CPI numbers only confirmed the view that the Swiss National Bank will be in no rush to tighten policy. The monthly index was -0.1% vs +0.1% expected, and the yearly stayed unchanged vs the forecast of 0.2% rise. Retail Sales were also much lower than the market anticipated: -0.6% vs. +1.8%. Thus, the move higher is not ruled out with initial target at 0.8957 resistance.



What are today’s key USD/CHF levels?



Today's central pivot point can be found at 0.8940 with support below at 0.8920, 0.8903, and 0.8883, with resistance above at 0.8957, 0.8977, and 0.8994. Hourly Moving Averages are mixed, with the 200SMA at 0.8913 and the daily 20EMA flat at 0.8931. Hourly RSI is bearish at 47.



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