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11 Sep 2013
USD/CHF on higher levels as geo-political tensions are fading away
FXstreet.com (Athens)- The USD/CHF is moving higher, as the “Swissie” is heavily sold as market sentiment hits the “on” button on Syria’s hopes and Chinese data.
Will the USD/CHF manage to regain the 15th August high as of 0.9396?
The USD/CHF was immensely wounded after the Friday’s NFP, but now as risk-sentiment strikes back and risk-appetite consolidates across the board, the USD/CHF is moving upwards. The main bullish-catalyst among others seems to be that the geo-political tensions are fading away. Elaborating on, Russian President Putin approached US President Obama about an international weapons sequester that would see any chemical weapons in Syria’s possession turned over to international authorities, in order to avoid any military strike on behalf of the U.S. More precisely, ahead of today’s congress meeting the news wires across the board suggested that “US President Obama defers congress vote on Syria situation.”
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 0.9362, up 0.17%. The FXstreet.com Trend Index shows the pair to be slightly bullish and overbought in the 15 minutes framework. 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.
Will the USD/CHF manage to regain the 15th August high as of 0.9396?
The USD/CHF was immensely wounded after the Friday’s NFP, but now as risk-sentiment strikes back and risk-appetite consolidates across the board, the USD/CHF is moving upwards. The main bullish-catalyst among others seems to be that the geo-political tensions are fading away. Elaborating on, Russian President Putin approached US President Obama about an international weapons sequester that would see any chemical weapons in Syria’s possession turned over to international authorities, in order to avoid any military strike on behalf of the U.S. More precisely, ahead of today’s congress meeting the news wires across the board suggested that “US President Obama defers congress vote on Syria situation.”
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 0.9362, up 0.17%. The FXstreet.com Trend Index shows the pair to be slightly bullish and overbought in the 15 minutes framework. 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.