although the stock story is still the same with the major indices down another
1%, the USDCHF is sharply higher. You can blame lower CPI inflation. Remember
as well that the manufacturing PMI data at a Switzerland yesterday was also
rally has taken the price back above the 100-hour moving average, the 200 days
also moved above the September 18/19 highs at 0.99828 and the parity level at
price has reversed back lower as stocks continue to slide and perhaps, we get
some flight into the safety of the CHF now.
However, the pair is also testing the highs from September 18/19 and the
swing hi from Monday’s trade at 0.99828 to 0.99868.
the buyers are to keep control, this area should attract buyers. If the price breaks below, the bullish waters
get a little bit muddier intraday (i.e., we should see some additional selling
successfully trading above key support confluence, the USD/CHF pair fails to
provide a daily closing above 61.8% Fibonacci retracement of April-August
downpour. The quote takes the bids to 0.9975 while heading into the European
open on Thursday.
the bullish signals from 12-bar moving average convergence and divergence
(MACD) and 14-bar relative strength index (RSI), the pair is likely to extend
north-run towards late-May highs surrounding 1.0100 if successfully closing
above the key Fibonacci retracement level of 1.0016.
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