11 Jul 2013
USD/CHF settles at 0.9500 barrier
FXstreet.com (New York) - The USD/CHF technical pair is trading sideways at the 0.9500 barrier Thursday, unable to recoup most of the overnight losses inflicted by a staunch USD plunge.
USD/CHF strategic bias
In these moments, the USD/CHF is statically clinging to the 0.9502 level, unable to break any higher during US trading, whilst recording a loss of -0.86% off its opening. Presently the pair is entrenched at its 55-day MA, which has dictated the short-term trajectory of the oscillations Thursday, however strong support remains slightly lower at 0.9488 (200-day SMA).
According to Analyst Karen Jones at Commerzbank, “The USD/CHF has collapsed lower selling off towards its 6-week uptrend at 0.9387. The Elliot wave count on the daily chart suggests that the market should stabilize here and this area is reinforced by Fibonacci support at 0.9368 and the 200-day MA at 0.9356.”
USD/CHF strategic bias
In these moments, the USD/CHF is statically clinging to the 0.9502 level, unable to break any higher during US trading, whilst recording a loss of -0.86% off its opening. Presently the pair is entrenched at its 55-day MA, which has dictated the short-term trajectory of the oscillations Thursday, however strong support remains slightly lower at 0.9488 (200-day SMA).
According to Analyst Karen Jones at Commerzbank, “The USD/CHF has collapsed lower selling off towards its 6-week uptrend at 0.9387. The Elliot wave count on the daily chart suggests that the market should stabilize here and this area is reinforced by Fibonacci support at 0.9368 and the 200-day MA at 0.9356.”