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3 Mar 2014
USD/CHF attempting 0.8820 resistance
FXStreet (Guatemala) - USD/CHF is trading slightly bid after a period of consolidation post the drop from 0.8880 on Friday and is attempting to break up through 0.8820 currently.
Karen Jones at Commerzbank explained that USD/CHF sold off into marginal 2 year lows at 0.8777, reaching the previous downtrend drawn from the July 2013 peak. This is currently located at 0.8786 and together with the base of a 2 year down channel at 0.8766 should contain the downside.“Yes it looks weak and we remain unable to rule out stabs lower but we do not want to chase it lower at this point. Below 0.8766 would negate this view and introduce scope to the 0.8568 October 2011 low. Key resistance remains the downtrend at 0.8933 and only above here negates the downside pressure”.
USD/CHF Levels
The 20 DMA is 0.8934, the 50 DMA is 0.8980 and the 200 DMA is 0.9162. RSI (14) reads 48.43. Supports are 0.8703, 0.8754, 0.8766 and 0.8770. Spot is 0.8822 with resistances at 0.8850, 0.8874 and 0.8889.
Karen Jones at Commerzbank explained that USD/CHF sold off into marginal 2 year lows at 0.8777, reaching the previous downtrend drawn from the July 2013 peak. This is currently located at 0.8786 and together with the base of a 2 year down channel at 0.8766 should contain the downside.“Yes it looks weak and we remain unable to rule out stabs lower but we do not want to chase it lower at this point. Below 0.8766 would negate this view and introduce scope to the 0.8568 October 2011 low. Key resistance remains the downtrend at 0.8933 and only above here negates the downside pressure”.
USD/CHF Levels
The 20 DMA is 0.8934, the 50 DMA is 0.8980 and the 200 DMA is 0.9162. RSI (14) reads 48.43. Supports are 0.8703, 0.8754, 0.8766 and 0.8770. Spot is 0.8822 with resistances at 0.8850, 0.8874 and 0.8889.