16 Oct 2013
USD/CHF capped at 0.9176, more supply to come?
FXstreet.com (London) - USD/CHF has rallied on broad based demand for the dollar but has since attracted supply ahead of 0.9140 support.
Yesterday’s move through the neckline of the short term inverse head and shoulder pattern at 0.9140/50 should have been enough to spark some interest, but having stalled ahead of critical 0.9180 resistance the entire move back to a low of 0.9118 was recorded. Today, the final deal in Washington boosted the USD but again the pair failed to break through 0.9180 resistance and supply came in on a bearish opportunity through 0.9160.
Focus now a fade to the downside?
Faders might note that the hourly trend-line support stands closer to 0.9100, and opportunities below focus shifts towards 0.9060/70.
Yesterday’s move through the neckline of the short term inverse head and shoulder pattern at 0.9140/50 should have been enough to spark some interest, but having stalled ahead of critical 0.9180 resistance the entire move back to a low of 0.9118 was recorded. Today, the final deal in Washington boosted the USD but again the pair failed to break through 0.9180 resistance and supply came in on a bearish opportunity through 0.9160.
Focus now a fade to the downside?
Faders might note that the hourly trend-line support stands closer to 0.9100, and opportunities below focus shifts towards 0.9060/70.