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20 Apr 2015
USD/CHF unable to break above 0.9600; back to 0.9550
FXStreet (Tokyo) - After rallying 100 pips from the 0.9500 critical resistance and testing the 0.9600 level several times in the European session, the USD/CHF finally gave up and returned back to test the 0.9550 area.
The move in the USD/CHF seems to be corrective as the pair remains in near to lows at 0.9500. Currently, USD/CHF is trading at 0.9558, up 0.38% on the day, having posted a daily high at 0.9601 and low at 0.9498.
The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bullish.
USD/CHF Forecast
Jameel Ahmad from FXTM said in the FXStreet USD/CHF Forecast Poll that the "pair is moving quickly to the downside, but support around 0.9470 might prevent further losses."
According to Ahmad, "extending below here could provide the bears with a green-light to push further lower."
As for the short term, USD/CHF will find next supports at MA-50 hours level of 0.9545, PP at 0.9530 and the critical 0.9500. To the upside, R1 at 0.9570, 09600 and R2 at 0.9620.
The move in the USD/CHF seems to be corrective as the pair remains in near to lows at 0.9500. Currently, USD/CHF is trading at 0.9558, up 0.38% on the day, having posted a daily high at 0.9601 and low at 0.9498.
The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bullish.
USD/CHF Forecast
Jameel Ahmad from FXTM said in the FXStreet USD/CHF Forecast Poll that the "pair is moving quickly to the downside, but support around 0.9470 might prevent further losses."
According to Ahmad, "extending below here could provide the bears with a green-light to push further lower."
As for the short term, USD/CHF will find next supports at MA-50 hours level of 0.9545, PP at 0.9530 and the critical 0.9500. To the upside, R1 at 0.9570, 09600 and R2 at 0.9620.