6 Jan 2014
USD/CHF is sleeping in 20-pips range
FXstreet.com (Moscow) - Despite the sharp moves in USD/JPY in the morning, it didn’t affect USD/CHF which spent the Asian session in tight 20-pips range trading at 0.9062 at the moment.
US data may take the pair out of the ranges
The pair is trading based on risk appetite, and markets expectations, as most traders widely believe the tapering from the FED will be continued at the nearest FOMC meeting. Nevertheless, the scheduled on Friday Non-Farm Payrolls may correct the widespread opinion. If data shows the employment rises less than expected, it may convince the ultra-dove Jennet Yellen to delay the move. Thus, the market will focus its attention on any leading indicator from labor market. In this sense the released today Non-Manufacturing ISM may be very helpful, as employment sub index is one of the best predictors of the NFP direction. If the component proves to be better than expected, we may see the pair test the nearest resistance level at 0.9080 with the next target at 0.9105, if broken.
What are today’s key USD/CHF levels?
Today's central pivot point can be found at 0.9033 with support below at 0.9008 (S1), 0.8961 (S2) and 0.8936 (S3), with resistance above at 0.9080 (R1), 0.9105 (R2), and 0.9152 (R3). Hourly Moving Averages are largely bullish, with the 200SMA at 0.8945 and the daily 20EMA bearish at 0.8961. Hourly RSI is neutral at 74.
US data may take the pair out of the ranges
The pair is trading based on risk appetite, and markets expectations, as most traders widely believe the tapering from the FED will be continued at the nearest FOMC meeting. Nevertheless, the scheduled on Friday Non-Farm Payrolls may correct the widespread opinion. If data shows the employment rises less than expected, it may convince the ultra-dove Jennet Yellen to delay the move. Thus, the market will focus its attention on any leading indicator from labor market. In this sense the released today Non-Manufacturing ISM may be very helpful, as employment sub index is one of the best predictors of the NFP direction. If the component proves to be better than expected, we may see the pair test the nearest resistance level at 0.9080 with the next target at 0.9105, if broken.
What are today’s key USD/CHF levels?
Today's central pivot point can be found at 0.9033 with support below at 0.9008 (S1), 0.8961 (S2) and 0.8936 (S3), with resistance above at 0.9080 (R1), 0.9105 (R2), and 0.9152 (R3). Hourly Moving Averages are largely bullish, with the 200SMA at 0.8945 and the daily 20EMA bearish at 0.8961. Hourly RSI is neutral at 74.