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17 Jun 2013
USD/CHF is range-bound
FXstreet.com (London) - USD/CHF is challenging the top-side of its narrow range.
With the aid of some bullish data this afternoon, albeit second trier, the USD/CHF is bid and looking for a catalyst to break its narrow range of late. The pair have benefitted from the positive release of NAHB Housing Market Index was just printed for the US economy as 52 against previous 44 and consensus of 45. A little earlier on, The Empire State Manufacturing Survey for New York business conditions came in better than expected 7.84 vrs a consensus of 0.00 and a previous reading -1.43.
USD/CHF rebound for 0.9297 and target 0.9400
Karen Jones, Senior Analysts at Commerzbank said USD/CHF made a four month low at 0.9130 on Thursday but failed again to close below the Fibonacci support at 0.9197. “We suspect that a near term rebound will be seen towards 0.9297 then 0.9400.” She said that rallies would need to regain 0.9484 (50% Fibonacci retracement) to alleviate immediate downside pressure. She notes that further resistance can be seen around the 0.9247 May low and then along the 200 day moving average at 0.9348.“Below 0.9130 will put the 2013 low at 0.9023 back on the map, this is key support we look for it to hold”.
With the aid of some bullish data this afternoon, albeit second trier, the USD/CHF is bid and looking for a catalyst to break its narrow range of late. The pair have benefitted from the positive release of NAHB Housing Market Index was just printed for the US economy as 52 against previous 44 and consensus of 45. A little earlier on, The Empire State Manufacturing Survey for New York business conditions came in better than expected 7.84 vrs a consensus of 0.00 and a previous reading -1.43.
USD/CHF rebound for 0.9297 and target 0.9400
Karen Jones, Senior Analysts at Commerzbank said USD/CHF made a four month low at 0.9130 on Thursday but failed again to close below the Fibonacci support at 0.9197. “We suspect that a near term rebound will be seen towards 0.9297 then 0.9400.” She said that rallies would need to regain 0.9484 (50% Fibonacci retracement) to alleviate immediate downside pressure. She notes that further resistance can be seen around the 0.9247 May low and then along the 200 day moving average at 0.9348.“Below 0.9130 will put the 2013 low at 0.9023 back on the map, this is key support we look for it to hold”.