28 Apr 2014
USD/CHF sank below 0.88 reaching 0.8777 low
FXStreet (Moscow) - USD/CHF managed to appreciate in the morning posting 0.8825 session high from 0.8804 at the open, but the stronger demand on the euro translated to the USD sell-off; it trades below 0.88 at the moment. http://www.fxstreet.com/technical-studies/currencies/usdchf/
USD weakness is still on tap
Despite the ample economic calendar for the whole week ahead, we won’t see anything of interest on Monday, thus, the investors may spend the day positioning before the key events from the US and Europe. Despite the morning interest to the American currency, the USD weakness is again on the table, and not only due to demand on the European currencies. The main theme will stay the same during the week ahead – although the labor market shows good pace of recovery, the inflation remains subdued meaning the FED doesn’t need to hurry up with QE3 completion. If so, the move down for the pair is not ruled out with the initial target at 0.8750 support level, when the breakout of 0.8780 confirmed. The upside is limited initially at 0.8825 resistance.
What are today’s key USD/CHF levels?
Today's central pivot point can be found at 0.8813 with support below at 0.8804, 0.8792, and 0.8783, with resistance above at 0.8825, 0.8834, and 0.8846. Hourly Moving Averages are bearish, with the 200SMA at 0.8824 and the daily 20EMA bearish at 0.8828. Hourly RSI is bearish at 42.
USD weakness is still on tap
Despite the ample economic calendar for the whole week ahead, we won’t see anything of interest on Monday, thus, the investors may spend the day positioning before the key events from the US and Europe. Despite the morning interest to the American currency, the USD weakness is again on the table, and not only due to demand on the European currencies. The main theme will stay the same during the week ahead – although the labor market shows good pace of recovery, the inflation remains subdued meaning the FED doesn’t need to hurry up with QE3 completion. If so, the move down for the pair is not ruled out with the initial target at 0.8750 support level, when the breakout of 0.8780 confirmed. The upside is limited initially at 0.8825 resistance.
What are today’s key USD/CHF levels?
Today's central pivot point can be found at 0.8813 with support below at 0.8804, 0.8792, and 0.8783, with resistance above at 0.8825, 0.8834, and 0.8846. Hourly Moving Averages are bearish, with the 200SMA at 0.8824 and the daily 20EMA bearish at 0.8828. Hourly RSI is bearish at 42.