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14 Aug 2013
USD/CHF bullishness remains amidst recent rally
FXstreet.com (New York) - The USD/CHF foreign exchange rate sailed higher Wednesday, touching a high of 0.9378 during US trading, though ultimately easing off this figure in recent minutes.
In the United States, the Producer Price Index (YoY) came in at +2.1% in July, missing expectations of +2.4%. Moreover, the Producer Price Index ex Food & Energy (YoY) grew only +1.2% in July, against estimates calling for +1.4%.
USD/CHF strategic bias
According to the Technical Analyst Team at ICN.com, “The USD/CHF is touching resistance level represented in 61.8% correction at 0.9370 as shown on graph. In fact, breaching this resistance is significant to prove the extension of the upside move, whereas failing to breach it might cause some correction. Since the pair is stable above 0.9265 we remain positive during the upcoming period. As for the U.S. session today, stabilizing above 0.9320 levels is required for the bullishness possibility to remain intraday valid.”
USD/CHF technical levels
At the back end of a nice two-day rally, the USD/CHF is presently operating at 0.9359 in these moments, still securing a robust gain of +0.32% above its opening. Technically speaking, the USD/CHF is trading at calculated resistance at 0.9364, a break of which will open up 0.9402 and 0.9455.
In the United States, the Producer Price Index (YoY) came in at +2.1% in July, missing expectations of +2.4%. Moreover, the Producer Price Index ex Food & Energy (YoY) grew only +1.2% in July, against estimates calling for +1.4%.
USD/CHF strategic bias
According to the Technical Analyst Team at ICN.com, “The USD/CHF is touching resistance level represented in 61.8% correction at 0.9370 as shown on graph. In fact, breaching this resistance is significant to prove the extension of the upside move, whereas failing to breach it might cause some correction. Since the pair is stable above 0.9265 we remain positive during the upcoming period. As for the U.S. session today, stabilizing above 0.9320 levels is required for the bullishness possibility to remain intraday valid.”
USD/CHF technical levels
At the back end of a nice two-day rally, the USD/CHF is presently operating at 0.9359 in these moments, still securing a robust gain of +0.32% above its opening. Technically speaking, the USD/CHF is trading at calculated resistance at 0.9364, a break of which will open up 0.9402 and 0.9455.