USDCHF Continues to Test Support
- Buz Investors USDCHF Continues The US Dollar is trading at 1.0146 against the Swiss Franc at 10:40 GMT this morning, 0.43% higher from the New York close.
- Amid no major economic releases in Switzerland today, investor sentiment would be determined by global macroeconomic news.
- The pair traded at a high of 1.0181 and a low of 1.0099 this morning. On Friday, the USD traded 0.09% lower against the CHF in the New York session and ended at 1.0103. The pair is expected to its find support at 1.0084 and its first resistance at 1.0195.
USDCHF Continues USD/CHF attempted to rally in today’s session, but came under selling pressure and is now back at Support at the March 9 spike high at 1.00925 which was reinforced by last Monday’s test and subsequent bounce. Monday’s low, by comparison, was at the 1.00796. Holding this area would keep the pair well-positioned to resume the advance from the November low over the near term.
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However, a drop below this support would leave the target for USD/CHF at the October rally high at 0.99989. Given the failed rally attempt in today’s session and drop back down to first support, it appears USD/CHF is now vulnerable to a break of support and follow through to the October high.
USD/CHF is holding on to 1.0078 minor support despite breaching briefly. Further rise is still expected. Break of 1.0204 will target 1.3027 high next. Meanwhile, break of 1.0078 support will confirm short term topping and bring lengthier consolidation before staging another rally.
In the bigger picture, the corrective fall from 1.0327 should have completed at 0.9443 already. Rise from 0.9443 could be resuming the long term rally from 2011 low at 0.7065. But decisive break of 1.0327 is needed to confirm. In that case, next medium term upside target will be 38.2% retracement of 1.8305 to 0.7065 at 1.1359. Rejection from 1.0327 will extend the sideway pattern with another fall. We’ll assess the chance of breakout at a later stage based on near term momentum.
major currencies: (EUR-USD) (USD-JPY) (GBP-USD) (USD-CHF), (USD-CAD), (AUD-USD)
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