Forex: USD/CHF still unable to convince traders to sell below 0.9450

on Jun 5, 2013

The USD/CHF has been declining over the past two weeks and the decline has reached a little more than 4 per cent – from 0.9838 on 22 May 2013 to 0.9407 on 03 June 2013. Traders are still holding the price of the USD/CHF in the uptrend channel between 0.9520 and 0.9540.

The 0.9450 level, which is also Fibonacci’s 76.4 level, seems to be a strong support for the uptrend.
As soon as the Eurozone Gross Domestic Product and Retail Sales data are realeased we will see the price move. Based on the negative forecasts, the price of the USD/CHF will go up with the next resistance level seen at about 0.9585.
If the price proceeds downwards, it will go out of the uptrend channel and hit support around 0.9335.

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CHF Forex