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4 Nov 2013
USD/CHF momentum worn off; below 0.9130; above EMA20
FXstreet.com (Chicago) - USD/CHF prints lower highs and lows ahead of data releases in the US, still maintaining 2-week highs.
According to Jim Langlands from FXcharts, “USD/CHF has traded very nicely since bottoming out at the base of the channel a couple of weeks ago, and on Friday it did as we thought it might and accelerated higher once it had broken the downtrend resistance at 0.9065. Further gains look to be in store and I suspect that in the days ahead we are in for a test of 0.9200/40 area. Dips should now be limited to 0.9075 and as long as we are above here I am happy to remain with the position and to add to longs on the dips, with SL placed below 0.9060.”
USD/CHF Technical Levels
Technically speaking, the pair shows signs of wearing off on daily and hourly charts. Retracing from the 2-week highs around the 0.9130 front, the pair hovers on the EMA20 on corrective movement, still above the upward trendline since last October 25th. Offered at 0.9117, the pair oscillates between the supports aligned at 0.9090 (October 31st highs), 0.9063 (October 14th lows) ahead of 0.9019 (October 30th highs) and the resistances set at 0.9134 (September 22nd highs), 0.9174 (October 15th highs) followed by 0.9222 (July 31st lows). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis.
According to Jim Langlands from FXcharts, “USD/CHF has traded very nicely since bottoming out at the base of the channel a couple of weeks ago, and on Friday it did as we thought it might and accelerated higher once it had broken the downtrend resistance at 0.9065. Further gains look to be in store and I suspect that in the days ahead we are in for a test of 0.9200/40 area. Dips should now be limited to 0.9075 and as long as we are above here I am happy to remain with the position and to add to longs on the dips, with SL placed below 0.9060.”
USD/CHF Technical Levels
Technically speaking, the pair shows signs of wearing off on daily and hourly charts. Retracing from the 2-week highs around the 0.9130 front, the pair hovers on the EMA20 on corrective movement, still above the upward trendline since last October 25th. Offered at 0.9117, the pair oscillates between the supports aligned at 0.9090 (October 31st highs), 0.9063 (October 14th lows) ahead of 0.9019 (October 30th highs) and the resistances set at 0.9134 (September 22nd highs), 0.9174 (October 15th highs) followed by 0.9222 (July 31st lows). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis.