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26 Jun 2013
USD/CHF testing the 0.9400 barrier
FXstreet.com (New York) - The USD/CHF foreign exchange rate has oscillated around the 0.9400 barrier, a region it is presently testing during US trading after retreating off earlier highs.
USD/CHF testing key region
At the time of writing, the USD/CHF is trading at 0.9401, up +0.19% above its opening Wednesday. According to Research Analyst Gareth Berry at UBS, “The USD/CHF faced strong resistance at 0.9401, which is presently being tested. As the bear trend persists, the risk is for a rejection from here. Support is at 0.9302 ahead of 0.9242, suggesting a bearish intraday outlook.”
Earlier today in the United States, Gross Domestic Product Annualized (Q1) came in at only +1.8%, missing expectations of +2.4%. Moreover, the Gross Domestic Product Price Index was reported at +1.3%, beating estimates of +1.1%. Finally, Core Personal Consumption Expenditures (QoQ) grew +1.3% in Q1, matching projections.
USD/CHF stability above 0.9340 needed to allay bearishness
According to the Technical Analyst Team at ICN.com, “The USD/CHF stabilized above 78.6% correction of CD Leg of the AB=CD bearish harmonic Pattern and above Linear Regression Indicators. The previous signals conflict with overbought signals on the stochastic, thus we need to confirm the trend by proving stability above the bullish key support and above 0.9340 to end the technical bearish harmonic pattern effect.”
USD/CHF testing key region
At the time of writing, the USD/CHF is trading at 0.9401, up +0.19% above its opening Wednesday. According to Research Analyst Gareth Berry at UBS, “The USD/CHF faced strong resistance at 0.9401, which is presently being tested. As the bear trend persists, the risk is for a rejection from here. Support is at 0.9302 ahead of 0.9242, suggesting a bearish intraday outlook.”
Earlier today in the United States, Gross Domestic Product Annualized (Q1) came in at only +1.8%, missing expectations of +2.4%. Moreover, the Gross Domestic Product Price Index was reported at +1.3%, beating estimates of +1.1%. Finally, Core Personal Consumption Expenditures (QoQ) grew +1.3% in Q1, matching projections.
USD/CHF stability above 0.9340 needed to allay bearishness
According to the Technical Analyst Team at ICN.com, “The USD/CHF stabilized above 78.6% correction of CD Leg of the AB=CD bearish harmonic Pattern and above Linear Regression Indicators. The previous signals conflict with overbought signals on the stochastic, thus we need to confirm the trend by proving stability above the bullish key support and above 0.9340 to end the technical bearish harmonic pattern effect.”