14 Oct 2013
USD/CHF on the back-foot testing key support
FXstreet.com (London) - USD/CHF is trading near the lows after a drop on the open on Monday’s markets. The pair has continued to slide throughout today’s sessions and has printed a low of 0.9063 and continues to test key support.
USD/CHF took a hit as SNB's Jordan was re-iterating the importance of the EURCHF floor over the weekend, stating that it remains a crucial tool in the SNB's monetary policy. Rate differentials and longer-term flows look to be the prominent drivers of CHF. However, this week sees the17th October and with no resolution out of the US yet, stronger macro effects may take hold.
USD/CHF Levels
The 20 DMA is 0.9089, the 50 DMA is 0.9204 and the 200 DMA is 0.9337. RSI (14) reads 34.25. Supports are ascending from 0.9049, 0.9056 ad key 0.9070. Spot is currently 0.9073 while resistances are 0.9082, 0.9096, 0.9138, 0.9150, 0.9185 and 0.9225.
USD/CHF took a hit as SNB's Jordan was re-iterating the importance of the EURCHF floor over the weekend, stating that it remains a crucial tool in the SNB's monetary policy. Rate differentials and longer-term flows look to be the prominent drivers of CHF. However, this week sees the17th October and with no resolution out of the US yet, stronger macro effects may take hold.
USD/CHF Levels
The 20 DMA is 0.9089, the 50 DMA is 0.9204 and the 200 DMA is 0.9337. RSI (14) reads 34.25. Supports are ascending from 0.9049, 0.9056 ad key 0.9070. Spot is currently 0.9073 while resistances are 0.9082, 0.9096, 0.9138, 0.9150, 0.9185 and 0.9225.