3 Sep 2013
USD/CHF clings to positive territory despite weak US data
FXstreet.com (Lisbon) - The USD/CHF foreign exchange rate eased lower Tuesday, on the heels of lackluster US economic data during US trading.
In the United States, Markit Manufacturing PMI (August) came in at 53.1, missing estimates of 54.0, and compared with a figure of 53.7 previously. Later today at 14:00 GMT, the US is slated to release its ISM Manufacturing.
USD/CHF strategic bias
According to the Technical Analyst Team at ICN.com, “The USD/CHF continued moving to the upside until approaching 38.2% correction at 0.9380 as shown on graph. The upside move might extend, but the pair has to breach the referred to level and stabilize above it to increase this possibility. Linear Regression Indicators are positive and RSI tends to the upside supporting our positive outlook. Breaking 0.9290 levels and stabilizing below it could fail our intraday expectations.”
The USD/CHF is now operating at 0.9355, following what has been a gradual decline off its highs at 0.9376. Briefing the technicals, the USD/CHF will look to face resistance on the upswing at 0.9369, onto 0.9396, and 0.9405, notes the Danske Research team.
In the United States, Markit Manufacturing PMI (August) came in at 53.1, missing estimates of 54.0, and compared with a figure of 53.7 previously. Later today at 14:00 GMT, the US is slated to release its ISM Manufacturing.
USD/CHF strategic bias
According to the Technical Analyst Team at ICN.com, “The USD/CHF continued moving to the upside until approaching 38.2% correction at 0.9380 as shown on graph. The upside move might extend, but the pair has to breach the referred to level and stabilize above it to increase this possibility. Linear Regression Indicators are positive and RSI tends to the upside supporting our positive outlook. Breaking 0.9290 levels and stabilizing below it could fail our intraday expectations.”
The USD/CHF is now operating at 0.9355, following what has been a gradual decline off its highs at 0.9376. Briefing the technicals, the USD/CHF will look to face resistance on the upswing at 0.9369, onto 0.9396, and 0.9405, notes the Danske Research team.