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7 Mar 2014
USD/CHF’s one-way traffic meets cross roads
FXStreet (Guatemala) - USD/CHF has been free-falling over the past 24hrs but has found a bottom on the 0.8800 handle post strong US data.
“USD/CHF has reversed ahead of the 2 month downtrend at 0.8902 and is back weighing on the downside”, explained Karen Jones, chief economist at Commerzbank. “We have some support at the 0.8777 recent low, this together with the base of 2012-2014 down channel at 0.8766 represent key support”, and she added, “Ideally we should see this hold but currently it is in danger”.
USD/CHF Levels
The 20 DMA is 0.8898, the 50 DMA is 0.8972 and the 200 DMA is 0.9146. RSI (14) reads 35.05. Supports are ascending from 0.8703, 0.8754, 0.8766 and 0.8777. Spot is 0.8785 while resistances are 0.8825, 0.8841, 0.8862 and 0.8883.
“USD/CHF has reversed ahead of the 2 month downtrend at 0.8902 and is back weighing on the downside”, explained Karen Jones, chief economist at Commerzbank. “We have some support at the 0.8777 recent low, this together with the base of 2012-2014 down channel at 0.8766 represent key support”, and she added, “Ideally we should see this hold but currently it is in danger”.
USD/CHF Levels
The 20 DMA is 0.8898, the 50 DMA is 0.8972 and the 200 DMA is 0.9146. RSI (14) reads 35.05. Supports are ascending from 0.8703, 0.8754, 0.8766 and 0.8777. Spot is 0.8785 while resistances are 0.8825, 0.8841, 0.8862 and 0.8883.