22 Aug 2013
USD/CHF trades higher for a second consecutive day
FXstreet.com (Athens) - USD/CHF is trading higher today, due to a dismal Swiss Trade Balance.
Weekly claims coming in focus as the labor market remains Fed’s key factor.
Swiss Trade Balance released earlier, at 2.38 billion Francs versus 2.60 billion expected and 2.82 billion prior (revised higher), boosting the greenback against its Swiss counterpart. As always, weekly claims are in focus as the labor market remains the linchpin on which September tapering could be decided as the market is not yet totally convinced of Fed going down this path at this time. The timing and size of Fed’s ‘tapering’ remains the crucial focus for the markets and the consensus expects to see a reduction in central bank bond purchases sooner rather than later.
Technical outlook on USD/CHF
At the time of writing, the USD/CHF is trading at 0.9255, up 0.35% and close to its daily high of 0.9257. Danske Bank analyst suggest that ‘traders should place sell limit orders at 0.9279, with objective at 0.9175 and the stop-loss being at 0.9314’. The FXstreet.com Trend Index shows the pair to be slightly bullish. Daily pivot point support can be found at 0.9107,0.9085, 0.9062 and resistance at 0.9212, 0.9236 and 0.9259, respectively.
Weekly claims coming in focus as the labor market remains Fed’s key factor.
Swiss Trade Balance released earlier, at 2.38 billion Francs versus 2.60 billion expected and 2.82 billion prior (revised higher), boosting the greenback against its Swiss counterpart. As always, weekly claims are in focus as the labor market remains the linchpin on which September tapering could be decided as the market is not yet totally convinced of Fed going down this path at this time. The timing and size of Fed’s ‘tapering’ remains the crucial focus for the markets and the consensus expects to see a reduction in central bank bond purchases sooner rather than later.
Technical outlook on USD/CHF
At the time of writing, the USD/CHF is trading at 0.9255, up 0.35% and close to its daily high of 0.9257. Danske Bank analyst suggest that ‘traders should place sell limit orders at 0.9279, with objective at 0.9175 and the stop-loss being at 0.9314’. The FXstreet.com Trend Index shows the pair to be slightly bullish. Daily pivot point support can be found at 0.9107,0.9085, 0.9062 and resistance at 0.9212, 0.9236 and 0.9259, respectively.