24 Jun 2013
USD/CHF recovery attempt stymied
FXstreet.com (New York) - The USD/CHF foreign exchange rate recently fell off the 0.9363 handle during US trading, having just moved on the release of US economic data.
In the United States it has been a rather tranquil day in terms of releases save for the Chicago Fed National Activity Index (May), which was reported at -0.3, compared with a figure of -0.52 previously.
USD/CHF bullish extension favored
According to the Technical Analyst team at ICN.com, “The USD/CHF moved to the upside, but remained limited below the harmonic support level of the AB=CD bearish harmonic Pattern. This forbids us from favoring the extension of bullishness and confirming the end of the bearish harmonic pattern’s effect. On the other hand, the pair has to confirm trading below 0.9280 again to support the downside move.”
USD/CHF entrenched in negative territory
Following the recent weakness, the USD/CHF has settled at 0.9342, entrenched in negative territory at -0.26% Monday. “The USD/CHF is consolidating to unwind the sharp overextended downside conditions with resistance at 0.9401 – support is at 0.9242 ahead of 0.9130.” calculates Gareth Berry, a Research Analyst at UBS.
In the United States it has been a rather tranquil day in terms of releases save for the Chicago Fed National Activity Index (May), which was reported at -0.3, compared with a figure of -0.52 previously.
USD/CHF bullish extension favored
According to the Technical Analyst team at ICN.com, “The USD/CHF moved to the upside, but remained limited below the harmonic support level of the AB=CD bearish harmonic Pattern. This forbids us from favoring the extension of bullishness and confirming the end of the bearish harmonic pattern’s effect. On the other hand, the pair has to confirm trading below 0.9280 again to support the downside move.”
USD/CHF entrenched in negative territory
Following the recent weakness, the USD/CHF has settled at 0.9342, entrenched in negative territory at -0.26% Monday. “The USD/CHF is consolidating to unwind the sharp overextended downside conditions with resistance at 0.9401 – support is at 0.9242 ahead of 0.9130.” calculates Gareth Berry, a Research Analyst at UBS.