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2 Aug 2013
USD/CHF highs 0.9390
FXstreet.com (Barcelona) - USD/CHF has printed a high of 0.9390 after the London open, but has receded back towards the Europeans session’s lows of 0.9363/65.
USD/CHF in this moment is seeking to breach below the support ascending line since overnight lows 0.9360 that could be acting as support in an overall USD friendly environment and ahead of Non Farm Payrolls this afternoon. However we have seen a better SVME Purchasing Managers Index out of Switzerland this morning printing 57.4 vs 53.5 consensus. The main news and driver for today will come in the Non Farm Payrolls and this market is very a much a dollar story this week and will close as one also.
USD/CHF upside bias
Karen Jones, Head of FICC Technical Analysis at Commerzbank said that the USD/CHF had seen some very choppy price action around the 78.6% retracement at 0.9269 and how it was clearly reluctant to sustain a break below there. She noted that rallies had eroded the 200 day ma at 0.9360 and this introduces scope to the 55 day ma at 0.9438, where the Elliot wave count is suggesting we fail (although there are conflicting signals). “Above here is needed to introduce scope to the 0.9568 March high. Support is seen at 0.9228 ahead of the 0.9130 June low. Above the 0.9568 March high should see upside interest re-engage and retarget the .9753 July high”.
USD/CHF in this moment is seeking to breach below the support ascending line since overnight lows 0.9360 that could be acting as support in an overall USD friendly environment and ahead of Non Farm Payrolls this afternoon. However we have seen a better SVME Purchasing Managers Index out of Switzerland this morning printing 57.4 vs 53.5 consensus. The main news and driver for today will come in the Non Farm Payrolls and this market is very a much a dollar story this week and will close as one also.
USD/CHF upside bias
Karen Jones, Head of FICC Technical Analysis at Commerzbank said that the USD/CHF had seen some very choppy price action around the 78.6% retracement at 0.9269 and how it was clearly reluctant to sustain a break below there. She noted that rallies had eroded the 200 day ma at 0.9360 and this introduces scope to the 55 day ma at 0.9438, where the Elliot wave count is suggesting we fail (although there are conflicting signals). “Above here is needed to introduce scope to the 0.9568 March high. Support is seen at 0.9228 ahead of the 0.9130 June low. Above the 0.9568 March high should see upside interest re-engage and retarget the .9753 July high”.