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18 Mar 2014
USD/CHF attempting the upside on 0.8710 support
FXStreet (Guatemala) - USD/CHF is being supported along the minor ascending support from Fridays lows sub 0.8710 and is bid on the short term charts with lows beyond 0.8725 and a high of 0.8756.
US CPI data was relatively in line with expectations, although February’s year on year read slightly lower at 1.1% missing the consensus of 1.2%. Building permits were up at 1.018m vs 0.960 expected. Karen Jones, chief analyst at Commerzbank explained that despite the non-confirmation of last weeks low (divergence of the daily RSI), the market continues to weigh on the downside. “Minor resistance is seen at the 0.8777 February low. Immediate downside pressure will be maintained while the currency pair trades below the 0.8805 March 11 high. Further resistance comes in around the 0.8831 mid-December low and along the downtrend line at 0.8848. This will need to be overcome in order to alleviate immediate downside pressure. The market last week dropped to the 0.8698 level, a fall through which will put the 0.8568 October 2011 low and 50% retracement of the 2011-12 rise at 0.8520 on the map".
USD/CHF Levels
The 20 DMA is 0.8827, the 50 DMA is 0.8942 and the 200 DMA is 0.9122. RSI (14) reads 61.37. Supports are ascending from 0.8632, 0.8651, 0.8698 and 0.8715. Spot is 0.8754 while resistances are 0.8762, 0.8788 and 0.8807.
US CPI data was relatively in line with expectations, although February’s year on year read slightly lower at 1.1% missing the consensus of 1.2%. Building permits were up at 1.018m vs 0.960 expected. Karen Jones, chief analyst at Commerzbank explained that despite the non-confirmation of last weeks low (divergence of the daily RSI), the market continues to weigh on the downside. “Minor resistance is seen at the 0.8777 February low. Immediate downside pressure will be maintained while the currency pair trades below the 0.8805 March 11 high. Further resistance comes in around the 0.8831 mid-December low and along the downtrend line at 0.8848. This will need to be overcome in order to alleviate immediate downside pressure. The market last week dropped to the 0.8698 level, a fall through which will put the 0.8568 October 2011 low and 50% retracement of the 2011-12 rise at 0.8520 on the map".
USD/CHF Levels
The 20 DMA is 0.8827, the 50 DMA is 0.8942 and the 200 DMA is 0.9122. RSI (14) reads 61.37. Supports are ascending from 0.8632, 0.8651, 0.8698 and 0.8715. Spot is 0.8754 while resistances are 0.8762, 0.8788 and 0.8807.