2 Sep 2013
USD/CHF easing off highs, though positivity remains
FXstreet.com (Lisbon) - The USD/CHF foreign exchange rate eased off of earlier highs at the 0.9339 region, ending a rally that threatened to move higher.
Earlier today in Germany, Markit Manufacturing PMI (August) was reported at 51.8, missing estimates of 52.0. In addition, in the EMU, Markit Manufacturing PMI came in at 51.4 in August, vs. expectations of 51.3.
At this juncture, the USD/CHF is now trading at 0.9324, securing a modest gain of +0.04% thus far. Briefing the technicals, the USD/CHF will encounter means of resistance at 0.9347, ahead of 0.9365, and 0.9394, notes the Danske Research Team.
USD/CHF strategic bias
According to Karen Jones, an analyst at Commerzbank, “The USD/CHF last week based above the 0.9146 mid August low and rallied through the 2-month resistance line. It is well placed to tackle the 200 and 55-day moving averages at 0.9345/50 and then the August high at 0.9396.”
Earlier today in Germany, Markit Manufacturing PMI (August) was reported at 51.8, missing estimates of 52.0. In addition, in the EMU, Markit Manufacturing PMI came in at 51.4 in August, vs. expectations of 51.3.
At this juncture, the USD/CHF is now trading at 0.9324, securing a modest gain of +0.04% thus far. Briefing the technicals, the USD/CHF will encounter means of resistance at 0.9347, ahead of 0.9365, and 0.9394, notes the Danske Research Team.
USD/CHF strategic bias
According to Karen Jones, an analyst at Commerzbank, “The USD/CHF last week based above the 0.9146 mid August low and rallied through the 2-month resistance line. It is well placed to tackle the 200 and 55-day moving averages at 0.9345/50 and then the August high at 0.9396.”