28 Oct 2013
USD/CHF trading higher to start weak; technicians skeptical with 0.8750 downside target
FXstreet.com (Barcelona) - With a dearth of news flow until the US session starts, we’re seeing a drift higher in USD/CHF with 0.8750 as the eventual target when the technicians’ anticipated downside action resumes.
USD/CHF traders to key on US data later
Later in Monday’s session, USD/CHF traders will be monitoring Industrial Production and Capacity Utilization, Pending Home Sales and, the Dallas Fed Manufacturing Survey.
Technical outlook for USD/CHF
Technicians say the USD/CHF is in a third wave move lower with downside targets at 0.8750 and points lower. Thursday’s low of 0.8889 is the short-term support, however. Resistance for USD/CHF comes in at Friday’s high of 0.8964 and is backed up by the 10/3 close of 0.8996.
USD/CHF traders to key on US data later
Later in Monday’s session, USD/CHF traders will be monitoring Industrial Production and Capacity Utilization, Pending Home Sales and, the Dallas Fed Manufacturing Survey.
Technical outlook for USD/CHF
Technicians say the USD/CHF is in a third wave move lower with downside targets at 0.8750 and points lower. Thursday’s low of 0.8889 is the short-term support, however. Resistance for USD/CHF comes in at Friday’s high of 0.8964 and is backed up by the 10/3 close of 0.8996.