7 Oct 2014
USD/CHF rises above 0.9600 after bearish correction
FXStreet (Córdoba) - Greenback is rising against the Swiss franc on Tuesday after falling sharply on Monday. USD/CHF found support on Asian hours at 0.9575 and turned to the upside, rising back above 0.9600. During the European session the pair pulled back but in the last two hours climbed more than 35 pips, reaching a fresh daily high at 0.9622.
European currencies are losing ground against the US dollar, that is trading at daily highs. USD/CHF is rising 0.40% as it trades at 0.9620.
USD/CHF main trend intact
The pair made a bearish correction on Monday to the bullish dominant trend, that is likely to persist even in the case if it continues to pullback. “The market remains bid above the accelerated uptrend at 0.9432 and only below here will alleviate immediate upside pressure for a slide back to 0.9301 (September low)”, mentioned Karen Jones, Head of FICC Technical Analysis at Commerzbank.
European currencies are losing ground against the US dollar, that is trading at daily highs. USD/CHF is rising 0.40% as it trades at 0.9620.
USD/CHF main trend intact
The pair made a bearish correction on Monday to the bullish dominant trend, that is likely to persist even in the case if it continues to pullback. “The market remains bid above the accelerated uptrend at 0.9432 and only below here will alleviate immediate upside pressure for a slide back to 0.9301 (September low)”, mentioned Karen Jones, Head of FICC Technical Analysis at Commerzbank.