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9 Jul 2013
USD/CHF retreats off earlier highs, holding over 0.9700
FXstreet.com (New York) - The USD/CHF foreign exchange rate surged above the 0.9700 level earlier today, peaking at the 0.9752 level (intraday/May highs), before ultimately easing slightly in recent moments.
The USD/CHF was unable to hold onto its previous highs, as it has now retreated below the 0.9732 level (20 and 50-day SMA crossover). Presently, the pair finds itself trading at the 0.9720 level (55-day MA), still clinging to positive gains of +0.85% during US trading.
USD/CHF technical bias
Technically speaking, the USD/CHF was unable to breach the 0.9790 level, stopping well short of this critical resistance. As such, the pair now is navigating the region surrounding the 0.9720 resistance, as calculated by the Danske Research Team.
According to the Technical Analyst Team at ICN.com, “The USD/CHF is touching around 78.6% correction of CD Leg of the bullish harmonic alternative Bat Pattern. This level 0.9690 is considered an intraday interval for the rest of the day, whereas breaching this level and stabilizing above it might extend the bullish targets of the technical harmonic pattern.”
The USD/CHF was unable to hold onto its previous highs, as it has now retreated below the 0.9732 level (20 and 50-day SMA crossover). Presently, the pair finds itself trading at the 0.9720 level (55-day MA), still clinging to positive gains of +0.85% during US trading.
USD/CHF technical bias
Technically speaking, the USD/CHF was unable to breach the 0.9790 level, stopping well short of this critical resistance. As such, the pair now is navigating the region surrounding the 0.9720 resistance, as calculated by the Danske Research Team.
According to the Technical Analyst Team at ICN.com, “The USD/CHF is touching around 78.6% correction of CD Leg of the bullish harmonic alternative Bat Pattern. This level 0.9690 is considered an intraday interval for the rest of the day, whereas breaching this level and stabilizing above it might extend the bullish targets of the technical harmonic pattern.”