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28 May 2013
USD/CHF breaks above resistance to test 0.9700 barrier
FXstreet.com (Barcelona) - The USD/CHF managed to briefly overtake the 0.9700 level Tuesday, peaking recently at the 0.9706 region (intraday high).
Recently in Switzerland, the Employment Level (QoQ) improved to 4.152M in Q1, which beat expectations of 4.102M, and compared to a figure of 4.116M previously.
However, this barrier has proven to be quite stubborn, despite a +0.71% rise thus far. After moving above calculated resistance at 0.9690, Mataf.net technical analysts have noted the next short-term resistances for the USD/CHF at 0.9719, and 0.9768. Conversely, the pair is set to face calculated support at 0.9612, then 0.9563, and ultimately 0.9534.
According to the ICN.com Technical Analyst Team, “The USD/CHF rebounded to the upside from levels around the first target of the bearish harmonic Butterfly Pattern in response to the intraday oversold signals on Stochastic. However, the RSI still tends to the downside and the pair is stable below 23.6% correction of CD Leg at 0.9700. Therefore, we think that the bearish correction isn’t over and it’s likely to see a new negative divergence.”
Recently in Switzerland, the Employment Level (QoQ) improved to 4.152M in Q1, which beat expectations of 4.102M, and compared to a figure of 4.116M previously.
However, this barrier has proven to be quite stubborn, despite a +0.71% rise thus far. After moving above calculated resistance at 0.9690, Mataf.net technical analysts have noted the next short-term resistances for the USD/CHF at 0.9719, and 0.9768. Conversely, the pair is set to face calculated support at 0.9612, then 0.9563, and ultimately 0.9534.
According to the ICN.com Technical Analyst Team, “The USD/CHF rebounded to the upside from levels around the first target of the bearish harmonic Butterfly Pattern in response to the intraday oversold signals on Stochastic. However, the RSI still tends to the downside and the pair is stable below 23.6% correction of CD Leg at 0.9700. Therefore, we think that the bearish correction isn’t over and it’s likely to see a new negative divergence.”