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22 May 2014
USD/CHF is disillusioned at 0.8950 resistance
FXStreet (Moscow) - USD/CHF plunged from the resistance level of 0.8950 to its current lows of 0.8928
PMI to digest
The yesterday’s weakness of the euro gave the pair another reason to rise, and proved the still strong correlation between the EUR and CHF moves. Today, the pair may get some more catalysts to move on, as the EMU data is scheduled for release. The market is closely watching any new evidence of fragile recovery in euro zone, thus, any indication of weakness in core or periphery economies may support the demand on USD/CHF with initial target at 0.8950 resistance.
What are today’s key USD/CHF levels?
Today's central pivot point can be found at 0.8932 with support below at 0.890978, 0.8862 and 0.8827, with resistance above at 0.8967, 0.9002, and 0.9037. Hourly Moving Averages are bullish, with the 200SMA at 0.8905 and the daily 20EMA bullish at 0.8867. Hourly RSI is bullish at 56.
PMI to digest
The yesterday’s weakness of the euro gave the pair another reason to rise, and proved the still strong correlation between the EUR and CHF moves. Today, the pair may get some more catalysts to move on, as the EMU data is scheduled for release. The market is closely watching any new evidence of fragile recovery in euro zone, thus, any indication of weakness in core or periphery economies may support the demand on USD/CHF with initial target at 0.8950 resistance.
What are today’s key USD/CHF levels?
Today's central pivot point can be found at 0.8932 with support below at 0.890978, 0.8862 and 0.8827, with resistance above at 0.8967, 0.9002, and 0.9037. Hourly Moving Averages are bullish, with the 200SMA at 0.8905 and the daily 20EMA bullish at 0.8867. Hourly RSI is bullish at 56.