6 May 2014
USD/CHF rushed to 0.8750 support
FXStreet (Moscow) - USD/CHF opened the day at 0.8775, and slowly drifted lower until it got some fuel from broad USD weakness reaching 0.8749 low, where it trades at the moment.
Repetition is the mother of consolidation
The pair came closer to the support that was not broken in the middle of April, and hardly will it be this time, as run to safety faded away no later than it started. Although the interest to USD is stagnating with no big catalysts from the USA in the week ahead, the Swissy has got to have serious arguments to break below 0.8750 and run lower to initial support at 0.8743. Thus, the consolidative moves around the support level are not ruled out near-term with possibility of rebound to 0.8765.
What are today’s key USD/CHF levels?
Today's central pivot point can be found at 0.8775 with support below at 0.8765, 0.8753, and 0.8743, with resistance above at 0.8787, 0.8797, and 0.8809. Hourly Moving Averages are bearish, with the 200SMA at 0.8805 and the daily 20EMA bearish at 0.8814. Hourly RSI is bearish at 41.
Repetition is the mother of consolidation
The pair came closer to the support that was not broken in the middle of April, and hardly will it be this time, as run to safety faded away no later than it started. Although the interest to USD is stagnating with no big catalysts from the USA in the week ahead, the Swissy has got to have serious arguments to break below 0.8750 and run lower to initial support at 0.8743. Thus, the consolidative moves around the support level are not ruled out near-term with possibility of rebound to 0.8765.
What are today’s key USD/CHF levels?
Today's central pivot point can be found at 0.8775 with support below at 0.8765, 0.8753, and 0.8743, with resistance above at 0.8787, 0.8797, and 0.8809. Hourly Moving Averages are bearish, with the 200SMA at 0.8805 and the daily 20EMA bearish at 0.8814. Hourly RSI is bearish at 41.