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May 27, 2013
USD/CHF falls off highs to test 0.9600 barrier
FXstreet.com (Barcelona) - The USD/CHF waned off its session highs (0.9638) earlier during European trading Monday, in what figures to be a highly subdued session on accounts of holidays in the United States and United Kingdom.
In these moments however, the pair is incurring a loss of -0.12%, whilst settling in the region of 0.9607/08. Mataf.net technical analysts identify the next short-term supports for the USD/CHF at 0.9566, followed by 0.9516, and 0.9443. Conversely, the pair is set to face calculated resistance at 0.9689, then 0.9762, and ultimately 0.9812.
“The downside correction started as expected, whereas the USD/CHF was affected by the bearish harmonic Butterfly Pattern that might retest key resistance level of the descending channel that was breached before. Prolonged stability below 0.9610 might support this negative outlook, while stability below 0.9770 is significant to keeping our expectations.” notes the ICN.com Technical Analyst team.
In these moments however, the pair is incurring a loss of -0.12%, whilst settling in the region of 0.9607/08. Mataf.net technical analysts identify the next short-term supports for the USD/CHF at 0.9566, followed by 0.9516, and 0.9443. Conversely, the pair is set to face calculated resistance at 0.9689, then 0.9762, and ultimately 0.9812.
“The downside correction started as expected, whereas the USD/CHF was affected by the bearish harmonic Butterfly Pattern that might retest key resistance level of the descending channel that was breached before. Prolonged stability below 0.9610 might support this negative outlook, while stability below 0.9770 is significant to keeping our expectations.” notes the ICN.com Technical Analyst team.