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19 Mar 2013
Forex: USD/CHF eyes 0.9500 as risk aversion sharpens
FXstreet.com (Barcelona) - The increasing risk aversion plus the extension of the USD rally is propelling the cross to weekly highs in the vicinity of the 0.9500 figure on Tuesday, testing last Friday’s highs.
According to Currency Strategist I.Spivak at DailyFX, “Prices moved lower as expected after putting in a bearish Dark Cloud Cover candlestick pattern. Initial support has been found at 0.9382, a former resistance level, with prices now retesting a broken rising trend line now at 0.9473. A push above that aims for the March 14 high at 0.9566. Alternatively, a drop through support targets a former channel top at 0.9291”.
At the moment, the cross is advancing 0.27% at 0.9488 facing the next resistance at 0.9563 (Upper Bollinger) ahead of 0.9567 (high Mar.14) en route to 0.9581 (high Sep.7).
On the downside, a penetration of 0.9420 (MA200d) would bring 0.9397 (MA21d) and then 0.9390 (low Mar.18).
According to Currency Strategist I.Spivak at DailyFX, “Prices moved lower as expected after putting in a bearish Dark Cloud Cover candlestick pattern. Initial support has been found at 0.9382, a former resistance level, with prices now retesting a broken rising trend line now at 0.9473. A push above that aims for the March 14 high at 0.9566. Alternatively, a drop through support targets a former channel top at 0.9291”.
At the moment, the cross is advancing 0.27% at 0.9488 facing the next resistance at 0.9563 (Upper Bollinger) ahead of 0.9567 (high Mar.14) en route to 0.9581 (high Sep.7).
On the downside, a penetration of 0.9420 (MA200d) would bring 0.9397 (MA21d) and then 0.9390 (low Mar.18).