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5 Mar 2014
USD/CHF turns back towards pivot
FXStreet (Barcelona) - USD/CHF had climbed to score a high of 0.8898 but has since started to target the lows and the pivot again.
US Non-manufacturing ISM fell to 51.6 and came in much weaker than expected. Earlier, the employment index tumbled to 47.5 in February from 56.4 in January which may put pressure on the Fed. Karen Jones, chief analyst at Commerzbank explained that the USD/CHF continues to work higher following the unsustained break into marginal 2 year lows at 0.8777. “The previous downtrend drawn from the July 2013 peak is located at 0.8775 and together with the base of a 2 year down channel at .8766 should contain the downside. We are somewhat encouraged that the market has eroded 0.8831, the mid December low, but in order to negate downside pressure a close above the downtrend at .8918 is necessary. Above here will introduce scope to .08930 the 26th February high and the 0.9003 100 day ma”.
USD/CHF Levels
The 20 DMA is 0.8917, the 50 DMA is 0.8976 and the 200 DMA is 0.9154. RSI (14) reads 51.53. Supports are ascending from 0.8791, 0.8806, 0.8825 and 0.8842. Spot is 0.8865 0.8879, 0.8889, 0.8904 and 0.8919.
US Non-manufacturing ISM fell to 51.6 and came in much weaker than expected. Earlier, the employment index tumbled to 47.5 in February from 56.4 in January which may put pressure on the Fed. Karen Jones, chief analyst at Commerzbank explained that the USD/CHF continues to work higher following the unsustained break into marginal 2 year lows at 0.8777. “The previous downtrend drawn from the July 2013 peak is located at 0.8775 and together with the base of a 2 year down channel at .8766 should contain the downside. We are somewhat encouraged that the market has eroded 0.8831, the mid December low, but in order to negate downside pressure a close above the downtrend at .8918 is necessary. Above here will introduce scope to .08930 the 26th February high and the 0.9003 100 day ma”.
USD/CHF Levels
The 20 DMA is 0.8917, the 50 DMA is 0.8976 and the 200 DMA is 0.9154. RSI (14) reads 51.53. Supports are ascending from 0.8791, 0.8806, 0.8825 and 0.8842. Spot is 0.8865 0.8879, 0.8889, 0.8904 and 0.8919.