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Forex: USD/CHF Testing Critical Highs 0.9400

FXstreet.com (London) - The Swissie could be posed to break the daily and weekly fib resistance levels at 0.9400 the figure again, which might offer opportunities for the bears in the long term decline of the pair. It has been steadily advancing on the charts from Friday, up from this years lowest levels after a surprise bullish set of NFP came out of the US, while earlier on in the week, of course came negative sentiment out of the Eurozone and mention of negative interest rates from the ECB.

USDCHF was last above the 0.9400 the figure in late April from its steep decline of some 255 pips from the April high of 0.9501 to this years, and May 1st lows, 0.9246.

As I write, the pair sits idle at 0.9380 with London on holiday today, markets are relatively quiet which most action will have been focused around European data this morning.

Resistance on the charts is seen 0.9407 and 0.9441 fib levels where sellers orders may be placed. Sell orders on the downside will target barriers around 9200 the figure for yearly lows of Feb 2013 and May 2012 on the weekly charts.

Also worth noting is there being a large shift change in net short positions to CHF reflecting speculation of a potential shift in SNB policy to further dampen the currency.

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Following Friday’s dive, the area at 1.0070/75 is being able to hold the downside and to allow a bouncing movement of the USD/CAD. However, the best it could do was to rise to as high as 1.0091 during the European morning. The economic calendar will have Canada data today, with building permits and Ivey PMI attracting attention.
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After climbing to session highs above the key resistance at 0.9300 on Monday, the cross is now losing giving away part of those earlier gains and falling to the area of 0.9285/90...
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