USD/CHF is striding higher on the euro=swissy weakness

By FXstreet.com | August 05, 2014 AAA

FXStreet (Moscow) - USD/CHF opened the day at 0.9065, and drifted somewhere around the rest of the time, reaching 0.9079 by the moment on the euro weakness.

Acid test for the USD

The pair lost momentum spending the whole Monday in very tight range, but the euro weakness in reaction to Italy’s PMI helped the pair to resume the rise. Moreover, today we are going to see the key US release of the week, and there are high chances of volatility rise by the American session. Regarding market reactions, Non-Manufacturing ISM report might become an acid test for USD nascent strength that came under threat following weaker than expected June labor market statistics. Should the dollar manage to reverse Friday losses, on positive non-manufacturing ISM data, further upside dynamic could gain momentum. The initial target for the pair may lie at 0.9086 resistance.

What are today’s key USD/CHF levels?

Today's central pivot point can be found at 0.9065 with support below at 0.9055, 0.9044 and 0.9034, with resistance above at 0.9076, 0.9086, and 0.9097. Hourly Moving Averages are mixed, with the 200SMA bullish at 0.9058 and the daily 20EMA bullish at 0.9017. Hourly RSI is bearish at 46.

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