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25 Apr 2013
Forex: USD/CHF testing support at 0.9444
FXstreet.com (Barcelona) - The USD/CHF dropped earlier today during European trading, falling off the 0.9460 handle. However, since then the pair has been completely sideways, failing to derivate much from its present course, which is hugging support at 0.9439/41 in these moments.
Mataf.net analysts point to supports at 0.9444, onto 0.9416, and finally 0.9388. On the ascension, a prolonged rise and paring of losses past the 0.9500 barrier will enable short-term resistances at 0.9528, and eventually 0.9566.
“The sharp USD/CHF upside move was halted as we see the pair getting close to key resistance level of the downside move. Meanwhile, the stochastic is showing intraday overbought signals forcing us to remain intraday neutral today.” notes the ICN.com analyst team.
According to the UBS Research Team, “We believe the SNB has no intention of 'fine-tuning' its exchange rate policy given continuing deflation in Switzerland, uncertainty about the Eurozone's debt crisis and the risks that such a move would invite international criticism.” Instead the weakness of the franc may reflect Germany's slowdown. This week's German PMI and IFO business conditions data were all worse than expected.”
Mataf.net analysts point to supports at 0.9444, onto 0.9416, and finally 0.9388. On the ascension, a prolonged rise and paring of losses past the 0.9500 barrier will enable short-term resistances at 0.9528, and eventually 0.9566.
“The sharp USD/CHF upside move was halted as we see the pair getting close to key resistance level of the downside move. Meanwhile, the stochastic is showing intraday overbought signals forcing us to remain intraday neutral today.” notes the ICN.com analyst team.
According to the UBS Research Team, “We believe the SNB has no intention of 'fine-tuning' its exchange rate policy given continuing deflation in Switzerland, uncertainty about the Eurozone's debt crisis and the risks that such a move would invite international criticism.” Instead the weakness of the franc may reflect Germany's slowdown. This week's German PMI and IFO business conditions data were all worse than expected.”