14 Oct 2013
USD/CHF attempts recovery consolidation above 0.91
FXstreet.com (Chicago) - USD/CHF fell at opening with downward gap amid political uncertainty in Washington and ahead of data releases in Switzerland with US markets closed on Columbus Day.
At the mercy of uncertainty
At the mercy of developments in Washington, the pair loses the 0.91 zone on downward gap. Ahead of producer and import prices in Switzerland, market participants weigh on any favorable move in the US that could end the shutdown and prevent a debt default.
USD/CHF Technical Levels
Price action reveals the extension of the upward trendline originated last October 4th despite downward opening gap. The pair is supported by bullish long-term trends and is offered at 0.9899 oscillating between supports aligned at 0.9079 (October 4th lows), 0.9012 (October 9th lows) ahead of 0.8966 (October 2nd lows) and the resistances set at 0.9131 (October 9th highs), 0.9169 (August 27th lows) followed by 0.9229 (September 14th lows).
According to Jim Laglands from FXcharts, “USD/CHF headed lower as the Euro reached 1.3580 on Friday, trading at 0.9070 and setting off some stops in the process as it briefly broke the neckline of the reverse head/shoulder formation that we have been monitoring over the last couple of days. The dollar later recovered though to finish at 0.9115, and if 0.9140 can be overcome, then I think we have a good chance of heading to 0.9200 and possibly to the Head/Shoulder target of 0.9240.”
At the mercy of uncertainty
At the mercy of developments in Washington, the pair loses the 0.91 zone on downward gap. Ahead of producer and import prices in Switzerland, market participants weigh on any favorable move in the US that could end the shutdown and prevent a debt default.
USD/CHF Technical Levels
Price action reveals the extension of the upward trendline originated last October 4th despite downward opening gap. The pair is supported by bullish long-term trends and is offered at 0.9899 oscillating between supports aligned at 0.9079 (October 4th lows), 0.9012 (October 9th lows) ahead of 0.8966 (October 2nd lows) and the resistances set at 0.9131 (October 9th highs), 0.9169 (August 27th lows) followed by 0.9229 (September 14th lows).
According to Jim Laglands from FXcharts, “USD/CHF headed lower as the Euro reached 1.3580 on Friday, trading at 0.9070 and setting off some stops in the process as it briefly broke the neckline of the reverse head/shoulder formation that we have been monitoring over the last couple of days. The dollar later recovered though to finish at 0.9115, and if 0.9140 can be overcome, then I think we have a good chance of heading to 0.9200 and possibly to the Head/Shoulder target of 0.9240.”