Forex: USD/CHF: Swiss SECO Consumer Climate improved, but still negative

on Nov 7, 2013
Updated: Oct 21, 2019
Listen Thursday, November 7th:_ The USD/CHF yesterday opened at 0.9137, moved one pip higher and started to fall. The price action reached a low at 0.9097 and subsequently rebounded to close at 0.9118 with the pair losing 0.19 percent.

In today’s trading thus far the pair has reached an intraday high at 0.9128 and then an intraday low at 0.9108. At the moment the price is trading at 0.9118.
Since the beginning of the week the price has been moving within a consolidation pattern, forming a symmetrical triangle. This type of triangle may be broken out of in the both directions. The price has also been restricted from dropping by the 23.6 percent Fibonacci retracement level of 0.8889 to 0.9151 at 0.9089.

Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.

In the bigger picture the USD/CHF has been forming a widening wedge pattern since 24 September. This pattern also has the potential to be broken out of in the both directions. Currently the price is close to the upper line of the figure and the daily stochastic has exited its overbought zone (above the 80-line) suggesting a retrace.
The Swiss State Secretariat for Economic Affairs today released its Consumer Climate Index showing a rise to -5 points in Q3 from the previous period’s -9. Analysts had expected an increase to -2 points. Negative values indicate pessimism for past and future economic conditions within the 1,100 households surveyed, a sentiment which has been present since early 2011.

The SNB today released October Foreign Currency Reserves showing a slight rise to CHF434.7 billion from the prior level of CHF433 billion.
The most anticipated economic reports from the United States today are the Q3 Advance GDP q/q and last week’s Unemployment Insurance Initial Claims, both due out at 13.30 UTC.
Today’s resistances: 0.9120, 0.9140 and 0.9155.
Supports: 0.9095, 0.9080 and 0.9065.
[!fm[](/uploads/story/6625/usdchfh4_0711.png)](# “”)
[!fm[](/uploads/story/6625/usdchfdaily_0711.png)](# “”)
Fill out my Wufoo form!


Want easy-to-follow crypto, forex & stock trading signals? Make trading simple by copying our team of pro-traders. Consistent results. Sign-up today at Invezz Signals™.

Learn more
CHF Forex