5 Nov 2013
USD/CHF spikes on 0.9130 on soft Swiss CPI data
FXstreet.com (Athens) – The USD/CHF had been in consolidation mode around 0.9118 area, but as soon as the soft Swiss CPI data released across the board the cross moved sharply higher near 0.9131 level.
USD/CHF near 0.9130 area on high pressure on EUR/USD, soft Swiss CPI
The USD/CHF was trading near 0.9110-0.9120 area, mostly in consolidation mode well above the 0.9100 zone, inspired by the pressure on the EUR/USD. However, the cross got an additional boost well after as the Swiss CPI data came across the board, driving the cross higher. Nevertheless, the cross the last couple of minutes seems that it can’t help itself to sustain its earlier gains, moving slightly back to 0.9120 area.
Technical Aspects on the USD/CHF
Investors should be aware of the fact should never forget that the EUR/USD and the USD/CHF have an immense inverse correlation, which is almost absolutely negative touching -0.93. At the time of writing the cross is trading at 0.9120 area, well above the 0.9112 (daily 50-EMA), but it might need a decent close as of the 0.9170 area (50%Fibobacci, trend line from February as of 2012), to move higher. On the opposite side, a close below the 0.9022 (23.6% of the Fibonacci level), would might bring the pair exposed to the 0.8899 level daily low).
USD/CHF near 0.9130 area on high pressure on EUR/USD, soft Swiss CPI
The USD/CHF was trading near 0.9110-0.9120 area, mostly in consolidation mode well above the 0.9100 zone, inspired by the pressure on the EUR/USD. However, the cross got an additional boost well after as the Swiss CPI data came across the board, driving the cross higher. Nevertheless, the cross the last couple of minutes seems that it can’t help itself to sustain its earlier gains, moving slightly back to 0.9120 area.
Technical Aspects on the USD/CHF
Investors should be aware of the fact should never forget that the EUR/USD and the USD/CHF have an immense inverse correlation, which is almost absolutely negative touching -0.93. At the time of writing the cross is trading at 0.9120 area, well above the 0.9112 (daily 50-EMA), but it might need a decent close as of the 0.9170 area (50%Fibobacci, trend line from February as of 2012), to move higher. On the opposite side, a close below the 0.9022 (23.6% of the Fibonacci level), would might bring the pair exposed to the 0.8899 level daily low).