19 Nov 2013
Flash: USD/CHF to be limited to 0.9010 and 0.9250 - UOB
FXstreet.com (Barcelona) - Quek Ser Leang and Jimmy Koh, Technical Analysts at UOB note that the USD/CHF trading range for the next two weeks is likely to be restricted to 0.9010 and 0.9250.
Key Quotes
“The lack of follow through after the break higher earlier this month coupled with the rapidly narrowing Daily Envelope is suggesting a period of consolidation. The 0.9250 peak is acting as a strong barrier and will likely cap any rebound.”
“The immediate pressure appears to be on the downside but any down-move will likely struggle to move below the strong support at 0.9010. In other words, the trading range for the next 1-2 weeks is likely to be limited to 0.9010 and 0.9250.”
Key Quotes
“The lack of follow through after the break higher earlier this month coupled with the rapidly narrowing Daily Envelope is suggesting a period of consolidation. The 0.9250 peak is acting as a strong barrier and will likely cap any rebound.”
“The immediate pressure appears to be on the downside but any down-move will likely struggle to move below the strong support at 0.9010. In other words, the trading range for the next 1-2 weeks is likely to be limited to 0.9010 and 0.9250.”