8 Apr 2014
USD/CHF’ve got another reason to fall
FXStreet (Moscow) - USD/CHF is in coma testing 0.8870 support area with laziness.
The concerns of the SNB
The pair resumed the slide yesterday, and we already mentioned the factors supporting the interest to the Swissy. Something has changed since Monday – the escalating conflict in Ukraine only strengthened the demand on safe heaven CHF. And today we may get another reason to sell the pair, if Retails Sales surprise to the upside. Just release Swiss Unemployment Rate met the expectations and reached 3.3% against 3.5% previously. The growth of the national economy may give the SNB opportunity to think about monetary policy changes. Nobody expects any tightening at the moment, but we know that monetary authorities are concerned by the rising price pressure in housing, and the potential spill-over effect on other sectors of the economy. Thus, even the possibility of such scenario may support the demand on the pair, and trigger its sell-off to 0.8857 support level.
What are today’s key USD/CHF levels?
Today's central pivot point can be found at 0.8893 with support below at 0.8857, 0.8835 and 0.8799, with resistance above at 0.8915, 0.8951, and 0.8973. Hourly Moving Averages are mixed, with the 200SMA at 0.8870 and the daily 20EMA bullish at 0.8852. Hourly RSI is bearish at 33.
The concerns of the SNB
The pair resumed the slide yesterday, and we already mentioned the factors supporting the interest to the Swissy. Something has changed since Monday – the escalating conflict in Ukraine only strengthened the demand on safe heaven CHF. And today we may get another reason to sell the pair, if Retails Sales surprise to the upside. Just release Swiss Unemployment Rate met the expectations and reached 3.3% against 3.5% previously. The growth of the national economy may give the SNB opportunity to think about monetary policy changes. Nobody expects any tightening at the moment, but we know that monetary authorities are concerned by the rising price pressure in housing, and the potential spill-over effect on other sectors of the economy. Thus, even the possibility of such scenario may support the demand on the pair, and trigger its sell-off to 0.8857 support level.
What are today’s key USD/CHF levels?
Today's central pivot point can be found at 0.8893 with support below at 0.8857, 0.8835 and 0.8799, with resistance above at 0.8915, 0.8951, and 0.8973. Hourly Moving Averages are mixed, with the 200SMA at 0.8870 and the daily 20EMA bullish at 0.8852. Hourly RSI is bearish at 33.