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26 Jun 2013
USD/CHF on the back foot
FXstreet.com (London) - USD/CHF has started the session in Europe on the back foot.
USD/CHF has a high of 0.9397 since the Asia shift and has ben drifting lower and finding support at 0.9371. The UBS consumption indicator for May was released printing a benign 1.46 in line with consensus. Yesterday we saw a bout of further positive US data supporting the pair and lifting it out from the doldrums of 0.9320 to 0.9409 on the session for a high. The pair had been weighted down since Fed officials suggested the market had over reacted to the more hawkish tones from the FOMC of last week. Today, we are going to see US GDP Q1 annualized as the most key data for the pair .
USD/CHF resistance at 55 w ma
Karen Jones said that USD/CHF is recovering near term and the Elliott wave count is suggesting that this will reach 0.9455, 0.9535. She feels rallies will need to regain 0.9484 (50% Fibonacci retracement) to alleviate immediate downside pressure and this is now looking more likely. “The 55 week ma offers additional resistance as 0.9419”. She suggested that dips should find interim support at 0.9242/0.9176 ahead of 0.9130.
USD/CHF has a high of 0.9397 since the Asia shift and has ben drifting lower and finding support at 0.9371. The UBS consumption indicator for May was released printing a benign 1.46 in line with consensus. Yesterday we saw a bout of further positive US data supporting the pair and lifting it out from the doldrums of 0.9320 to 0.9409 on the session for a high. The pair had been weighted down since Fed officials suggested the market had over reacted to the more hawkish tones from the FOMC of last week. Today, we are going to see US GDP Q1 annualized as the most key data for the pair .
USD/CHF resistance at 55 w ma
Karen Jones said that USD/CHF is recovering near term and the Elliott wave count is suggesting that this will reach 0.9455, 0.9535. She feels rallies will need to regain 0.9484 (50% Fibonacci retracement) to alleviate immediate downside pressure and this is now looking more likely. “The 55 week ma offers additional resistance as 0.9419”. She suggested that dips should find interim support at 0.9242/0.9176 ahead of 0.9130.