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24 Dec 2013
USD/CHF in a very short-term up wave; 0.8959 will be key battle between bulls and bears
FXstreet.com (Barcelona) - The USD/CHF’s short to intermediate-term direction remains in flux, but the very short-term technicals show that the cross is headed up to at least the 0.8959 level – and possibly beyond.
USD/CHF traders to react to Swiss and US data on Monday
The USD/CHF in in the midst of an up move that should carry it up to at least 0.8959. If the bears are to retain control of the situation in the short-term, the cross will be rejected at that level. If they don’t succeed there, the USD/CHF will see much more upside.
With no data due out of Switzerland Tuesday, traders will be reliant on the data flow out of the US later in the session – including:
• US Mortgage Applications
• US Durable Goods
• US New Home Sales
Technical outlook for USD/CHF
Technicians say the USD/CHF is on its way to a test of at least the 0.8959 “correction resistance” level at which point either the bulls will remain in control or the bears will seize back control of the situation. Support for the cross comes in at today’s intraday pivot at 0.8934 and is backed up by Monday’s low at 0.8919. Resistance above the 0.8959 level comes in at Monday’s high at 0.8963 and at the Fibonacci projection line at 0.8969.
USD/CHF traders to react to Swiss and US data on Monday
The USD/CHF in in the midst of an up move that should carry it up to at least 0.8959. If the bears are to retain control of the situation in the short-term, the cross will be rejected at that level. If they don’t succeed there, the USD/CHF will see much more upside.
With no data due out of Switzerland Tuesday, traders will be reliant on the data flow out of the US later in the session – including:
• US Mortgage Applications
• US Durable Goods
• US New Home Sales
Technical outlook for USD/CHF
Technicians say the USD/CHF is on its way to a test of at least the 0.8959 “correction resistance” level at which point either the bulls will remain in control or the bears will seize back control of the situation. Support for the cross comes in at today’s intraday pivot at 0.8934 and is backed up by Monday’s low at 0.8919. Resistance above the 0.8959 level comes in at Monday’s high at 0.8963 and at the Fibonacci projection line at 0.8969.