continued to rise despite weaker-than-expected US economic data. The pair
recently reached at 0.9922, the highest level since last Thursday and it remains
near the top.
USD/CHF approaching Oct highs
The
pair is rising more than 50 pips today, after falling during the previous three
days, approaching last week highs that lie at 0.9955; if it breaks higher it
would be trading at the strongest level since March.
The bearish
correction that started last Wednesday appears to be over after the US dollar
found support at 0.9830/40 (yesterday’s low) and from there is rising. Price
rose back above the 20-SMA in four hours charts and Momentum is back above 100.
Affected by the euro
A stronger US dollar is
pushing the pair to the upside while the Swiss franc is being affected by a
decline of the euro in the market. Recent economic data had little impact on
currencies.
A decline of 1% in factory orders in the US during September
failed to weaken the US dollar while yesterday’s positive PMI numbers from the
Eurozone did not lift the euro.
