Forex Alert: USD/CHF

on Nov 13, 2012
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iNVEZZ (New York) 12:54 GTM: The USD is advancing against the Swiss franc, pushing over the key 0.9500 resistance level. Earlier today the currency pair peaked briefly at 0.9512 during European trading, as a result of a slight uncertainty and risk-averse behavior on the markets, prompted by the EU finance ministers meeting and the unsettled direction of Greece.

Publications of Swiss data on Tuesday caused the pair to retreat from the earlier peak to levels around the 09500 mark.
Analysts at ICN.com commented that “the first suggested Potential Reversal Zone (PRZ) at 0.9400 for the bearish Butterfly Pattern failed to halt the downside move” but the model still remains valid. According to ICN.com, the upside trend is probably about to continue.

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The price spiked once again and reached its daily peak at 0.9517around 10.30 GMT, confirming the slightly bullish trend. The spike was followed by another retreat to around the current resistance levels and is currently traded at 0.9497/99. It remains to be seen whether the downside the USD push will be enough for a breakthrough or these would be remain just temporary spikes, for now the bullish sentiment on the market is evident. Mataf.net analysts determine resistances at 0.9501, then 0.9511 and finally 0.9528. Supports are at 0.9474, 0.9457, and 0.9447.

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CHF Forex