10 Apr 2014
USD/CHF bears attack 0.8780 support level
FXStreet (Moscow) - USD/CHF is down -0.14% on the day at 0.8784, having previously posted a daily high at 0.8808 and a low at 0.8782.
Correction might be just around the corner
The pair refreshed the April lows coming closer to strong support level at 0.8760. Nevertheless, the sell-off of the USD looks exaggerated for a moment, thus the massive correction is not ruled out. We only need to find a catalyst. US initial jobless claims are scheduled for tonight, and since the indicator is quite volatile on weekly basis, take a look at the four week moving average. If it continues to to trend lower, it may support the USD/CHF rebound with initial resistance at 0.8800.
What price levels and patterns have to be considered?
Resistance can be found ahead of spot at 0.8784 [Last Price], 0.8788 (Yesterday's Low), 0.8796 (Daily Open), 0.8796 (Weekly Low), 0.8802 (Hourly 20 EMA) and 0.8808 (Daily High).
Below, we can see support at 0.8782 (Daily Low), 0.8774 (Daily Classic S1), 0.8758 (Weekly Classic S2), 0.8751 (Daily Classic S2) and 0.8723 (Monthly Low).
Correction might be just around the corner
The pair refreshed the April lows coming closer to strong support level at 0.8760. Nevertheless, the sell-off of the USD looks exaggerated for a moment, thus the massive correction is not ruled out. We only need to find a catalyst. US initial jobless claims are scheduled for tonight, and since the indicator is quite volatile on weekly basis, take a look at the four week moving average. If it continues to to trend lower, it may support the USD/CHF rebound with initial resistance at 0.8800.
What price levels and patterns have to be considered?
Resistance can be found ahead of spot at 0.8784 [Last Price], 0.8788 (Yesterday's Low), 0.8796 (Daily Open), 0.8796 (Weekly Low), 0.8802 (Hourly 20 EMA) and 0.8808 (Daily High).
Below, we can see support at 0.8782 (Daily Low), 0.8774 (Daily Classic S1), 0.8758 (Weekly Classic S2), 0.8751 (Daily Classic S2) and 0.8723 (Monthly Low).