6 Jun 2013
USD/CHF operating above 0.9400
FXstreet.com (Barcelona) - The recently embattled USD/CHF exchange rate has been under siege this week, with mounting threats coming from the USD appreciation.
According to Karen Jones, an analyst at Commerzbank, “We look for the USD/CHF to stabilize just ahead of the 200-day MA, this is located at 0.9356. At this stage however, we are unable to rule out further weakness to the 0.9331 2013 uptrend, which we look to ideally hold. Rallies need to regain 0.9624 to alleviate immediate downside pressure.”
Presently, the pair is trading at 0.9411/13, suffering a decline of -0.08% below its opening Thursday and ahead of the ECB decision. “There is an important support for the USD/CHF at 0.9334. A closing break below this would be negative, triggering a deeper sell-off to 0.9247, while resistance is at 0.9494 ahead of 0.9565 – suggesting a neutral intraday outlook.” notes Gareth Berry, a Research Analyst at UBS.
According to Karen Jones, an analyst at Commerzbank, “We look for the USD/CHF to stabilize just ahead of the 200-day MA, this is located at 0.9356. At this stage however, we are unable to rule out further weakness to the 0.9331 2013 uptrend, which we look to ideally hold. Rallies need to regain 0.9624 to alleviate immediate downside pressure.”
Presently, the pair is trading at 0.9411/13, suffering a decline of -0.08% below its opening Thursday and ahead of the ECB decision. “There is an important support for the USD/CHF at 0.9334. A closing break below this would be negative, triggering a deeper sell-off to 0.9247, while resistance is at 0.9494 ahead of 0.9565 – suggesting a neutral intraday outlook.” notes Gareth Berry, a Research Analyst at UBS.