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23 Sep 2013
USD/CHF finishes “abc” upside correction at 0.9122; headed lower
FXstreet.com (Barcelona) - The USD/CHF started the week on an up note. However, that rally now looks like it may have been the “c” wave of an “abc” upside correction that started at the 17:20 GMT low on Friday.
USD/CHF to be driven by Swiss and US data Monday
While the short-term action in USD/CHF Monday morning has been very technical in nature – trading up to touch the resistance for the “abc” correction at 0.9122, the rest of the day will bring data off of which traders can work. First, the Swiss Monthly Statistical Bulletin will be released at 07:00 GM. Then later in the day, their attention will turn to US data including purchasing managers’ index data, the US Chicago Fed Survey and speeches by Fed heads Lockhart and Dudley.
Technical outlook for USD/CHF
Technicians say USD/CHF is most likely going to make its way down to the 0.9021 to 0.9373 range before any substantial support is found. The short-term resistance comes in at 0.9122 and is followed up by 0.9233.
USD/CHF to be driven by Swiss and US data Monday
While the short-term action in USD/CHF Monday morning has been very technical in nature – trading up to touch the resistance for the “abc” correction at 0.9122, the rest of the day will bring data off of which traders can work. First, the Swiss Monthly Statistical Bulletin will be released at 07:00 GM. Then later in the day, their attention will turn to US data including purchasing managers’ index data, the US Chicago Fed Survey and speeches by Fed heads Lockhart and Dudley.
Technical outlook for USD/CHF
Technicians say USD/CHF is most likely going to make its way down to the 0.9021 to 0.9373 range before any substantial support is found. The short-term resistance comes in at 0.9122 and is followed up by 0.9233.