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26 Jan 2015
USD/CHF may trade sideways near-term – AceTrader
FXStreet (Barcelona) - The AceTrader Team view that the recent spike bottom formation on daily charts suggests that USD/CHF has formed a major low, and as long as the 0.8326 support holds sideways choppy trading may be seen in the pair.
Key Quotes
“Dlr went through 'roller-coaster' week last week. Price rebounded to 0.8838 on Tue due to renewed cross-buying of chf, however, decline in eur/usd pressured the pair to 0.8500 Wed b4 rising again due to resumption of downtrend in eur/usd, dlr later climbed back to 0.8820 on Fri.”
“Looking at the bigger picture, despite dlr's free fall fm Jan's fresh 2-1/2 year peak of 1.0240 to a 4-month trough of 0.7360 after SNB surprised the market by unpegging the 1.20 franc cap, subsequent swift bounce has left a spike bottom formation on the daily chart, suggesting a major low has been formed.”
“As mentioned in recent updates, although market may test dlr's downside, as long as 0.8326 sup holds, choppy sideways trading is seen b4 prospect of another rise.”
“A weekly close abv 0.9131 (prev. reaction high) wud add credence to abv view n yield further gain to 0.9396 (being 70.7% r of 1.0240-0.7360).”
“On the downside, only below 0.8326 wud dampen bullish view on dlr n may risk weakness twd 0.8000.”
“Today, despite euro's selloff to fresh 11-year low ahead of Asian open, decline in eur/chf limited dlr's gain to 0.8824, suggesting choppy sideways move is in store.”
Key Quotes
“Dlr went through 'roller-coaster' week last week. Price rebounded to 0.8838 on Tue due to renewed cross-buying of chf, however, decline in eur/usd pressured the pair to 0.8500 Wed b4 rising again due to resumption of downtrend in eur/usd, dlr later climbed back to 0.8820 on Fri.”
“Looking at the bigger picture, despite dlr's free fall fm Jan's fresh 2-1/2 year peak of 1.0240 to a 4-month trough of 0.7360 after SNB surprised the market by unpegging the 1.20 franc cap, subsequent swift bounce has left a spike bottom formation on the daily chart, suggesting a major low has been formed.”
“As mentioned in recent updates, although market may test dlr's downside, as long as 0.8326 sup holds, choppy sideways trading is seen b4 prospect of another rise.”
“A weekly close abv 0.9131 (prev. reaction high) wud add credence to abv view n yield further gain to 0.9396 (being 70.7% r of 1.0240-0.7360).”
“On the downside, only below 0.8326 wud dampen bullish view on dlr n may risk weakness twd 0.8000.”
“Today, despite euro's selloff to fresh 11-year low ahead of Asian open, decline in eur/chf limited dlr's gain to 0.8824, suggesting choppy sideways move is in store.”