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31 Mar 2014
USD/CHF retraces from 0.8870
FXStreet (Moscow) - USD/CHF started the day lower at 0.8852, but soon recovered the losses reaching 0.8868 session high by the momentж it reversed the move trading around 0.8860 now.
US data may support
USD/CHF bottomed in the middle of March, and since that time shows moderate upmove reaching March highs around 0.89 recently. The turnaround in sentiment has its roots in the determined course for tapering from the FED, while the Swiss National Bank is too far away from tightening given the slowing growth in the economy. Recently released Swiss KOF leading indicator in March came out at 2.03 as expected, and was completely ignored by the pair. A series of labor data scheduled for release from the USA during this week may give another stimulus to go higher. If the March highs around 0.89 area are broken, wait for the move higher with initial target at 0.8925 resistance level. Nevertheless, for now we see the correction lower which may be limited by 0.8845 support level.
What are today’s key USD/CHF levels?
Today's central pivot point can be found at 0.8873 with support below at 0.8845, 0.8821 and 0.8793, with resistance above at 0.8897, 0.8925, and 0.8949. Hourly Moving Averages are bullish, with the 200SMA at 0.8828 and the daily 20EMA bullish at 0.8829. Hourly RSI is neutral at 55.
US data may support
USD/CHF bottomed in the middle of March, and since that time shows moderate upmove reaching March highs around 0.89 recently. The turnaround in sentiment has its roots in the determined course for tapering from the FED, while the Swiss National Bank is too far away from tightening given the slowing growth in the economy. Recently released Swiss KOF leading indicator in March came out at 2.03 as expected, and was completely ignored by the pair. A series of labor data scheduled for release from the USA during this week may give another stimulus to go higher. If the March highs around 0.89 area are broken, wait for the move higher with initial target at 0.8925 resistance level. Nevertheless, for now we see the correction lower which may be limited by 0.8845 support level.
What are today’s key USD/CHF levels?
Today's central pivot point can be found at 0.8873 with support below at 0.8845, 0.8821 and 0.8793, with resistance above at 0.8897, 0.8925, and 0.8949. Hourly Moving Averages are bullish, with the 200SMA at 0.8828 and the daily 20EMA bullish at 0.8829. Hourly RSI is neutral at 55.