USD/CHF refreshed 3-week low, but turned around

By FXstreet.com | August 18, 2014 AAA

FXStreet (Moscow) - USD/CHF posted 3-week low in Asia at 0.9024, but soon rebounded coming back above 0.9040 at the moment.

Somebody to love

The pair has been on the slide since the August,6, losing about 100 pips during that time, and probably on the way to lose even more. The thing is that the market needs somebody to love and to have over exaggerated expectations on. As the pound is not that popular any more, everybody turned their heads to a series of strong US labor reading thinking this is the indicator of the USA recovering at good pace. However, the recent disappointment in form of Retail Sales, and Consumer sentiment index start to question if it is really so. The more questions ahead, the lower the pair may be. The next target to the downside may lie at 0.9006, and the upside may be protected by 0.9058.

What are today’s key USD/CHF levels?

Today's central pivot point can be found at 0.9039 with support below at 0.9006, 0.8997 and 0.8954, with resistance above at 0.9058, 0.9091, and 0.9110. Hourly Moving Averages are mostly bearish, with the 200SMA bearish at 0.9073 and the daily 20EMA flat at 0.9046. Hourly RSI is bullish at 50.

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