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May 31, 2013
USD/CHF finding support ahead of 0.9500
FXstreet.com (London) - After a number of down days for USD/CHF, with the biggest percentage drop on Wednesday, being exuberated yesterday on poorer US data, it found a new low overnight and last defence support before psychological 0.9500 at risky 0.9531.
This morning, the Switzerland KOF Leading Indicator increased 1.1 in May from 1.04 in April. This captures the movement of GDP growth and the economic trend in Switzerland. An optimistic view here is considered as bullish for the CHF, although there was little reaction on the charts, as the pair now remains stable.
The USD/CHF advanced slightly higher ahead of the number, topping out at post release and dropping to 0.9539/44 where the pair now oscillates.
‘’Provided that dips hold over 0.9548 (uptrend), attention is on the 0.98395 May high and then 0.9972 the 2012 high. Below 0.9548 will trigger a slide to the 200 day ma at 0.9360.’’ said analyst’s at Commerzbank
This morning, the Switzerland KOF Leading Indicator increased 1.1 in May from 1.04 in April. This captures the movement of GDP growth and the economic trend in Switzerland. An optimistic view here is considered as bullish for the CHF, although there was little reaction on the charts, as the pair now remains stable.
The USD/CHF advanced slightly higher ahead of the number, topping out at post release and dropping to 0.9539/44 where the pair now oscillates.
‘’Provided that dips hold over 0.9548 (uptrend), attention is on the 0.98395 May high and then 0.9972 the 2012 high. Below 0.9548 will trigger a slide to the 200 day ma at 0.9360.’’ said analyst’s at Commerzbank