4 Jul 2013
USD/CHF working towards 0.9500
FXstreet.com (London) - USD/CHF reached a low of 0.9446 yesterday, and has since moved back into reach 0.9488.
Today is July 4th, and the US is on holiday. Markets are illiquid and the pair might have a quiet day ahead of NFP’s tomorrow. However, the ECB meets in the afternoon. Any surprises could see additional positions taken in the pair within a trading range of 0.9400 and 0.9690, and subsequent profit taking may result in a choppy day ahead of tomorrow and data when the US returns.
USD/CHF stalling
The USD/CHF up move is starting to falter ahead of the 0.9536 resistance line and the 0.9568 61.8% Fibonacci retracement and March high. Karen Jones, analyst at Commerzbank, said her team would allow for some near term consolidation at this key juncture. "Dips should find interim support at 0.9440, 0.9380 ahead 0.9240/00.Above 0.9568 will target 0.9688 en route to 0.9840 the May high".
Today is July 4th, and the US is on holiday. Markets are illiquid and the pair might have a quiet day ahead of NFP’s tomorrow. However, the ECB meets in the afternoon. Any surprises could see additional positions taken in the pair within a trading range of 0.9400 and 0.9690, and subsequent profit taking may result in a choppy day ahead of tomorrow and data when the US returns.
USD/CHF stalling
The USD/CHF up move is starting to falter ahead of the 0.9536 resistance line and the 0.9568 61.8% Fibonacci retracement and March high. Karen Jones, analyst at Commerzbank, said her team would allow for some near term consolidation at this key juncture. "Dips should find interim support at 0.9440, 0.9380 ahead 0.9240/00.Above 0.9568 will target 0.9688 en route to 0.9840 the May high".