29 Aug 2013
USD/CHF heading upwards as Syria’s fears ease
FXstreet.com (Athens) - The USD/CHF trades confidently above 0.9200 area, as President Obama stated that ‘he had not yet decided on the military option against Syria’.
Will the USD/CHF gain further momentum on today’s US revised GDP release?
The USD/CHF has gained solid ground the last two days against, one of the ultimate safe-haven currencies, i.e. the ‘Swissie’. The USD/CHF probably found major support on the fact that President Obama stepped back regarding the ‘Syria’s issue’. What’s more, today we are ahead of the second release of US GDP. It is expected to reveal a sizeable upward revision to growth driven mainly by stronger net trade figures, while the initial claims report will also be in focus.
Technical outlook on USD/CHF
At the time of writing, the pair is trading at 0.9268, up 0.48%. Commerzbank Technicals suggest that ‘USD/CHF has found support at 0.9147, slightly above the June low at .9130, and appears to be attempting to base. We note the divergence of the daily RSI and risks are for a near term recovery to the two month resistance line at .9262. This needs to be breached for the next higher 200- and 55-day moving averages at 0.9344/45 to be reached’. 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 0.9260 0.9286 and 0.9308, respectively.
Will the USD/CHF gain further momentum on today’s US revised GDP release?
The USD/CHF has gained solid ground the last two days against, one of the ultimate safe-haven currencies, i.e. the ‘Swissie’. The USD/CHF probably found major support on the fact that President Obama stepped back regarding the ‘Syria’s issue’. What’s more, today we are ahead of the second release of US GDP. It is expected to reveal a sizeable upward revision to growth driven mainly by stronger net trade figures, while the initial claims report will also be in focus.
Technical outlook on USD/CHF
At the time of writing, the pair is trading at 0.9268, up 0.48%. Commerzbank Technicals suggest that ‘USD/CHF has found support at 0.9147, slightly above the June low at .9130, and appears to be attempting to base. We note the divergence of the daily RSI and risks are for a near term recovery to the two month resistance line at .9262. This needs to be breached for the next higher 200- and 55-day moving averages at 0.9344/45 to be reached’. 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 0.9260 0.9286 and 0.9308, respectively.