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12 Jun 2013
USD/CHF trading at session highs
FXstreet.com (New York) - The USD/CHF foreign exchange has finally managed to turn positive Wednesday, following what has been a disastrous week for the pair.
USD/CHF moves on EMU data
In the EMU, Industrial Production w.d.a. (YoY) has fallen only -0.6% in April, beating expectations of -1.2%. Moreover, Industrial Production s.a. (MoM) has netted a climb of +0.4% in April, vs. a projection of -0.2%.
In these moments, the pair is trading at 0.9273/76, or +0.28% above it’s opening. Tracing the technicals, Mataf.net analysts identify the next short-term resistances at 0.9326, then 0.9402, and 0.9454. Meanwhile, support lies below at 0.9198, ahead of 0.9146, and 0.9070.
USD/CHF downside looks to extend
According to the Technical Analyst Team at ICN.com, “We will consider the USD/CHF’s movement to the downside from the top at 0.9838 levels as AB=CD bearish harmonic Pattern – the pair is consolidating below 88.6% correction of CD Leg, and below the harmonic support connecting between bottom A and C which is negative and might push the pair further to the downside.”
USD/CHF moves on EMU data
In the EMU, Industrial Production w.d.a. (YoY) has fallen only -0.6% in April, beating expectations of -1.2%. Moreover, Industrial Production s.a. (MoM) has netted a climb of +0.4% in April, vs. a projection of -0.2%.
In these moments, the pair is trading at 0.9273/76, or +0.28% above it’s opening. Tracing the technicals, Mataf.net analysts identify the next short-term resistances at 0.9326, then 0.9402, and 0.9454. Meanwhile, support lies below at 0.9198, ahead of 0.9146, and 0.9070.
USD/CHF downside looks to extend
According to the Technical Analyst Team at ICN.com, “We will consider the USD/CHF’s movement to the downside from the top at 0.9838 levels as AB=CD bearish harmonic Pattern – the pair is consolidating below 88.6% correction of CD Leg, and below the harmonic support connecting between bottom A and C which is negative and might push the pair further to the downside.”