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Forex: USD/CHF testing support at 0.9444

FXstreet.com (Barcelona) - The USD/CHF dropped earlier today during European trading, falling off the 0.9460 handle. However, since then the pair has been completely sideways, failing to derivate much from its present course, which is hugging support at 0.9439/41 in these moments.

Mataf.net analysts point to supports at 0.9444, onto 0.9416, and finally 0.9388. On the ascension, a prolonged rise and paring of losses past the 0.9500 barrier will enable short-term resistances at 0.9528, and eventually 0.9566.

“The sharp USD/CHF upside move was halted as we see the pair getting close to key resistance level of the downside move. Meanwhile, the stochastic is showing intraday overbought signals forcing us to remain intraday neutral today.” notes the ICN.com analyst team.

According to the UBS Research Team, “We believe the SNB has no intention of 'fine-tuning' its exchange rate policy given continuing deflation in Switzerland, uncertainty about the Eurozone's debt crisis and the risks that such a move would invite international criticism.” Instead the weakness of the franc may reflect Germany's slowdown. This week's German PMI and IFO business conditions data were all worse than expected.”

Forex Flash: USD/JPY with tough resistance but targets 101.27/67 - Commerzbank

Commerzbank analysts are still biased to the upside as the USD/JPY continues to probe at the 99.70/100.00 recent high, Fibonacci retracement and psychological resistance. “This is tough resistance. Intraday dips lower should find support now at 97.50 and be contained by 96.45. Failure here would imply a retest of trend and cloud support at 94.70/53”, wrote analyst Karen Jones, targeting 101.27/67 (the 1999 and 2005 lows). “This is expected to hold the initial test. Should this be cleared this will see a target of 105.50 engage, this is the 61.8% retracement of the move down from the 2007 peak”, she said.
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The German DAX 30 (+0.13%) and Scandinavian equity indexes are edging higher on Thursday, but the French CAC 40 (-0.22%), Italian FTSE MIB (-0.21%) and the Spanish IBEX 35 (-1.37%) are down while Eurozone officials and leaders speak. German Chancellor Merkel wants that bank shareholders can also suffer losses in the future and said the government rejects common European deposit insurance, for now. Also, she said that higher interest rates would be better for Germany. Finland grand committee head said the Euro would survive in case Cyprus leaves and rejects euro-area fiscal transfers. IMF’s Lipton and PIMCO’s Amey suggested more ECB easing.
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