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20 May 2013
USD/CHF weakens further to 0.9672/74
FXstreet.com (Barcelona) - The USD/CHF has weakened during US trading, following the release of economic data in the United States – presently; the cross is operating at 0.9672/74 Monday.
In the United States, the Chicago Fed National Activity Index (April) came in at -0.53, compared to figure of -0.23 in the previous month.
The USD/CHF is currently trading -0.31% off its opening. Mataf.net analysts point to supportive means for the pair at 0.9648, onto 0.9580, and ultimately 0.9524. Conversely, a break above the 0.9772 handle will initiate resistance at 0.9822 and 0.9896.
“With the start of the week we see the possibility of forming a bearish harmonic Butterfly Pattern around 0.9770 levels. Meanwhile, the pair is still trading positively benefiting from breaching key resistance level of the descending channel earlier; Linear Regression Indicators also support the upside move.” notes the ICN.com technical analyst team.
In the United States, the Chicago Fed National Activity Index (April) came in at -0.53, compared to figure of -0.23 in the previous month.
The USD/CHF is currently trading -0.31% off its opening. Mataf.net analysts point to supportive means for the pair at 0.9648, onto 0.9580, and ultimately 0.9524. Conversely, a break above the 0.9772 handle will initiate resistance at 0.9822 and 0.9896.
“With the start of the week we see the possibility of forming a bearish harmonic Butterfly Pattern around 0.9770 levels. Meanwhile, the pair is still trading positively benefiting from breaching key resistance level of the descending channel earlier; Linear Regression Indicators also support the upside move.” notes the ICN.com technical analyst team.