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18 Jun 2013
USD/CHF in red below 0.9200
FXstreet.com (Edinburgh) - The USD/CHF is falling for the second consecutive session on Tuesday, penetrating the key support at 0.9200 against the backdrop of increasing risk appetite.
USD/CHF hit by dollar weakness
The benchmark pair for the risk aversion is extending its daily decline from late May highs around 0.9850, although finding good support in the vicinity of 0.9150. In the opinion of I.Spivak, Currency Strategist at DailyFX, “Prices declined as expected after putting in a Bearish Engulfing candlestick pattern, taking out support marked by a rising trend line set from early February and exposing the 0.92 figure. A push below that targets the 123.6% Fibonacci extension at 0.9056. The trend line – now at 0.9391 – has been recast as resistance.
USD/CHF relevant levels
At the moment the pair is losing 0.42% at 0.9187 with the next support at 0.9130 (low Jun.13) followed by 0.9059 (low Feb.6) and then 0.9024 (2013 low Feb.1). On the upside, a breakout of 0.9262 (high Jun.18) would bring 0.9271 (MA10d) and finally 0.9287 (high Jun.12).
USD/CHF hit by dollar weakness
The benchmark pair for the risk aversion is extending its daily decline from late May highs around 0.9850, although finding good support in the vicinity of 0.9150. In the opinion of I.Spivak, Currency Strategist at DailyFX, “Prices declined as expected after putting in a Bearish Engulfing candlestick pattern, taking out support marked by a rising trend line set from early February and exposing the 0.92 figure. A push below that targets the 123.6% Fibonacci extension at 0.9056. The trend line – now at 0.9391 – has been recast as resistance.
USD/CHF relevant levels
At the moment the pair is losing 0.42% at 0.9187 with the next support at 0.9130 (low Jun.13) followed by 0.9059 (low Feb.6) and then 0.9024 (2013 low Feb.1). On the upside, a breakout of 0.9262 (high Jun.18) would bring 0.9271 (MA10d) and finally 0.9287 (high Jun.12).