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11 Sep 2013
USD/CHF moves on a slightly upward trend
FXstreet.com (Athens)- Despite the USD/CHF was heading downwards since the opening Asian trading session, the pair seems to be now on a upward movement.
The USD/CHF tries to regain uptrend momentum on risk-on sentiment
The USD/CHF was immensely wounded after the Friday’s NFP, but now as risk-sentiment strikes back and risk-appetite consolidates across the board, the USD/CHF is moving upwards. The main bullish-catalyst among others seems to be that the geo-political tensions are fading away. Last but not least, Syria’s jitters resurface again as news wires suggest that “France PM Hollande says France is ready to punish chemical weapon use.”
Technical Outlook on USD/CHF
Traders should never forget that there is a highly strong and negative correlation between the USD/CHF and the EUR/USD. Thus, a move above 0.9500 in the USD/CHF would probably mean that the EUR/USD would be under high pressure and vice-versa. At the time of writing, the pair is trading at 0.9335, down 0.12%. The FXstreet.com Trend Index shows the pair to be strongly bearish in the 15 minutes framework. Technically as well depicted above, the EUR/USD is currently trading higher, thus, the USD/CHF in under pressure. Daily pivot point support can be found at S3: 0.9307 S2: 0.9284 S1:0.9260 and resistance at R1:0.9417 R2:0.9441 R3:0.9464, respectively.
The USD/CHF tries to regain uptrend momentum on risk-on sentiment
The USD/CHF was immensely wounded after the Friday’s NFP, but now as risk-sentiment strikes back and risk-appetite consolidates across the board, the USD/CHF is moving upwards. The main bullish-catalyst among others seems to be that the geo-political tensions are fading away. Last but not least, Syria’s jitters resurface again as news wires suggest that “France PM Hollande says France is ready to punish chemical weapon use.”
Technical Outlook on USD/CHF
Traders should never forget that there is a highly strong and negative correlation between the USD/CHF and the EUR/USD. Thus, a move above 0.9500 in the USD/CHF would probably mean that the EUR/USD would be under high pressure and vice-versa. At the time of writing, the pair is trading at 0.9335, down 0.12%. The FXstreet.com Trend Index shows the pair to be strongly bearish in the 15 minutes framework. Technically as well depicted above, the EUR/USD is currently trading higher, thus, the USD/CHF in under pressure. Daily pivot point support can be found at S3: 0.9307 S2: 0.9284 S1:0.9260 and resistance at R1:0.9417 R2:0.9441 R3:0.9464, respectively.