7 Aug 2013
USD/CHF walking the support line
FXstreet.com (Barcelona) - USD/CHF has dropped over a big figure to trade just ahead of the sideways supporting line at 0.9240.
The dollar has been sold off broadly speaking while the market paid attention to Carneys BoE Inflation Report and CHF became a benefactor of that, where as the pair were trading towards 0.9290 o the European opening hours. There is a relatively light calendar for the pair today and this week. Financial Markets Research Rabobank International said “In Switzerland foreign currencies held by the Swiss National Bank (SNB) increased CHF0.1 billion to CHF434.9 billion in July. The (small) increase is probably not the result of fresh new purchases, but due to the weakening of the Swiss franc as market sentiment improved in July. Due to the easing tensions in the eurozone the SNB needs less efforts to protect the floor at 1.20. Monthly fluctuations are largely the result of gains and losses on the investments it currently holds”.
USD/CHF testing support
USD/CHF is edging lower having moved away from the psychological 0.9300 handle. The 20 dma is 0.9353, with 50 dma at 0.9386 and the 200 dma is 0.9358. RSI (14) reads 47.36. Supports are ascending from 0.9130, 0.9176, 0.9226 and 0.9239. Spot is currently 0.9250 and next resistance is 0.9296, then 0.9333 and 0.9395
The dollar has been sold off broadly speaking while the market paid attention to Carneys BoE Inflation Report and CHF became a benefactor of that, where as the pair were trading towards 0.9290 o the European opening hours. There is a relatively light calendar for the pair today and this week. Financial Markets Research Rabobank International said “In Switzerland foreign currencies held by the Swiss National Bank (SNB) increased CHF0.1 billion to CHF434.9 billion in July. The (small) increase is probably not the result of fresh new purchases, but due to the weakening of the Swiss franc as market sentiment improved in July. Due to the easing tensions in the eurozone the SNB needs less efforts to protect the floor at 1.20. Monthly fluctuations are largely the result of gains and losses on the investments it currently holds”.
USD/CHF testing support
USD/CHF is edging lower having moved away from the psychological 0.9300 handle. The 20 dma is 0.9353, with 50 dma at 0.9386 and the 200 dma is 0.9358. RSI (14) reads 47.36. Supports are ascending from 0.9130, 0.9176, 0.9226 and 0.9239. Spot is currently 0.9250 and next resistance is 0.9296, then 0.9333 and 0.9395