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15 Jul 2013
USD/CHF drifting to close gap
FXstreet.com (London) - USD/CHF is drifting up in a slow start to the week.
USD/CHF is drifting on the bid in a slow start to the week, with attention towards US data. Trading desks are suggesting that the flows in the pair will be driven by EUR/USD until the data releases and especially ahead of Bernanke in and the beige book on Wednesday. Today, we have US Retail Sales up first for the week. Until then, we have pivotal support at 0.9440.
USD/CHF Sidelined ahead of 200d MA
USD/CHF last week sold off towards and recovered ahead of its 6 week uptrend at 0.9413. The Elliot wave count on the daily chart suggests that the market should stabilise between here and Fibonacci support at 0.9368 and the 200 day ma at 0.9358. The 240 minute chart is suggesting a more negative stance and rallies will need to regain the 0.9568 March high in order to retarget the 0.9753 July high. Any erosion of the 0.9358 200 day ma would provoke another step down to the 0.9269/78.6% retracement.
USD/CHF is drifting on the bid in a slow start to the week, with attention towards US data. Trading desks are suggesting that the flows in the pair will be driven by EUR/USD until the data releases and especially ahead of Bernanke in and the beige book on Wednesday. Today, we have US Retail Sales up first for the week. Until then, we have pivotal support at 0.9440.
USD/CHF Sidelined ahead of 200d MA
USD/CHF last week sold off towards and recovered ahead of its 6 week uptrend at 0.9413. The Elliot wave count on the daily chart suggests that the market should stabilise between here and Fibonacci support at 0.9368 and the 200 day ma at 0.9358. The 240 minute chart is suggesting a more negative stance and rallies will need to regain the 0.9568 March high in order to retarget the 0.9753 July high. Any erosion of the 0.9358 200 day ma would provoke another step down to the 0.9269/78.6% retracement.