Forex: USD/CHF extends this week’s gains

on Aug 14, 2013
Listen August Wednesday 14th_: The daily candle yesterday opened at 0.9264 and closed at 0.9327 with the USD/CHF adding 0.63 percent to its value. The trading range was from 0.9257 to 0.9347. The downwards channel was broken to the upside.

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So far today the pair has been moving within a range of 0.9323 to 0.9376. The intraday peak has been the highest point for the past nine trading days. At press time the price is staying at 0.9370, slightly above the 200-day simple moving average, which may act as a resistance and push the price down. If not, the 0.9400 resistance level could well be tested soon. Above this level lies the 89-day SMA at 0.9431, which may contain an eventual rise. Contrariwise the 0.9500 level awaits to be tested.

The MACD (9,12,1) Indicator is still in convergence mode on the daily chart and the USD/CHF may rally further. However, the MACD on the hourly scale is forming a divergence, which is a bearish sign and the pair may drop in the short term if the development is not a false alarm.
If the price depreciates the 0.9130 level should bring strong support and reversal pressure, with just such a scenario impossible to rule out yet with the current price action developments (since the 8 August low of 0.9172 the pair has gained 2 percent).
Today’s resistances: 0.9380, 0.9395 and 0.9415.
Today’s supports: 0.9350, 0.9325 and 0.9275.


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CHF Forex