USD/CHF retreated from 8-month high

By FXstreet.com | Updated August 21, 2014 AAA

FXStreet (Moscow) - USD/CHF bumped at 0.9144 high, and reversed the move sliding to 0.9125 area at the moment.



Two drivers of the USD



The pair showed a decisive breakout of 0.91 resistance with the pair now targeting January highs. The US economy strength supported by more aggressive stance of the FOMC members is the key reason of the move. However, the euro weakness may also add some pressure on the Swissy, as these two currencies have shown strong correlation recently. Scheduled for release today series of the US reports may help the pair to go further provided most readings come out above expectations. The next target to the upside may lie at 0.9152.



What are today’s key USD/CHF levels?



Today's central pivot point can be found at 0.9121 with support below at 0.9102, 0.9071 and 0.9052, with resistance above at 0.9152, 0.9171, and 0.9202. Hourly Moving Averages are mixed, with the 200SMA at 0.9076 and the daily 20EMA bullish at 0.9060. Hourly RSI is bullish at 53.



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