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11 Sep 2013
USD/CHF is heading sideways on a light data day
FXstreet.com (Athens)- The USD/CHF was one of the most wounded pairs since Fridays NFP, but today amidst a light North American day is moving sideways.
The USD/CHF is sitting on the fence; waiting for the last weekly data to move on
The economic calendar is very light today, therefore the USD/CHF moves in a sideways mode. However, we are ahead of crucial news as the calendar will pick up Thursday and Friday, with the last weekly initial jobless claims report before the FOMC meeting, PPI and retail sales. Investors should take upon deep consideration, that taken for granted the higher oil and gas prices the recent weeks, it would be not out of the blue if the retail sales data come out softer. In such a case, the pair could be influenced to a less or more extent.
Technical Outlook on USD/CHF
Traders should never forget that there is a highly strong and negative correlation between the USD/CHF and the EUR/USD. Thus, a move above 0.9500 in the USD/CHF would probably mean that the EUR/USD would be under high pressure and vice-versa. At the time of writing, the pair is trading at 0.9308, down 0.37%, at its daily low. Daily pivot point support can be found at S3: 0.9307 S2: 0.9284 S1:0.9260 and resistance at R1:0.9417 R2:0.9441 R3:0.9464, respectively.
The USD/CHF is sitting on the fence; waiting for the last weekly data to move on
The economic calendar is very light today, therefore the USD/CHF moves in a sideways mode. However, we are ahead of crucial news as the calendar will pick up Thursday and Friday, with the last weekly initial jobless claims report before the FOMC meeting, PPI and retail sales. Investors should take upon deep consideration, that taken for granted the higher oil and gas prices the recent weeks, it would be not out of the blue if the retail sales data come out softer. In such a case, the pair could be influenced to a less or more extent.
Technical Outlook on USD/CHF
Traders should never forget that there is a highly strong and negative correlation between the USD/CHF and the EUR/USD. Thus, a move above 0.9500 in the USD/CHF would probably mean that the EUR/USD would be under high pressure and vice-versa. At the time of writing, the pair is trading at 0.9308, down 0.37%, at its daily low. Daily pivot point support can be found at S3: 0.9307 S2: 0.9284 S1:0.9260 and resistance at R1:0.9417 R2:0.9441 R3:0.9464, respectively.