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18 Dec 2013
USD/CHF recovery falters ahead of 0.8900
FXstreet.com (Córdoba) - Following a phase of consolidation, the USD/CHF picked up momentum and pushed to fresh highs during the European session.
Given the correlation existing between the euro and the franc, the USD/CHF rose to daily highs at the time the EUR/USD dropped to session lows. The USD/CHF climbed to a 2-day peak of 0.8896, stalling at the 10-day SMA, just a few pips shy of the 0.8900 psychological level. At time of writing, the USD/CHF is trading at the 0.8890 zone, 0.5% above its opening price, correcting from a 2-year low and after 2 day of losses.
USD/CHF technical levels
In terms of technical levels, if the USD/CHF breaks decisively above 0.8900 it could rise toward 0.8917 (Dec 13 high) en route to 0.8983 (20-day SMA/Dec 6 high). On the other hand, supports could be found at 0.8845 (daily low) and 0.8831 (2-year low Dec 17).
Given the correlation existing between the euro and the franc, the USD/CHF rose to daily highs at the time the EUR/USD dropped to session lows. The USD/CHF climbed to a 2-day peak of 0.8896, stalling at the 10-day SMA, just a few pips shy of the 0.8900 psychological level. At time of writing, the USD/CHF is trading at the 0.8890 zone, 0.5% above its opening price, correcting from a 2-year low and after 2 day of losses.
USD/CHF technical levels
In terms of technical levels, if the USD/CHF breaks decisively above 0.8900 it could rise toward 0.8917 (Dec 13 high) en route to 0.8983 (20-day SMA/Dec 6 high). On the other hand, supports could be found at 0.8845 (daily low) and 0.8831 (2-year low Dec 17).