USDCHF: Remains Vulnerable Despite Recovery
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The pair has stopped its downward movement. it will probably remain neutral in the near future, but overall the price is still in a downward phase, especially after the formation a "double top".
The nearest support is around 0.9150.
If the pair bounces up and returns to a growth, then the goals are 0.9180 and 0.9230.
The USD/CHF was corrected downwards last week after creating a double top. Now the price will most likely go down, testing the 0.9080— 0.9050 area.
The nearest resistance is located around 0.9160.
The pair is declining. The break below the cloud and consolidation below it will be a good signal to a decrease. The first goal is 0.9090 and the other one is 0.9060.
Surplus trade balance in Switzerland in October remained at the level of September, according to the Federal Customs Administration. Over the ten months of the current year, the balance also has a positive value.
USD/CHF continued its impulsive decline yesterday, touching 0.9161. The downward phase may stop after the formation of the double top figure.
The pair is expected to consolidate around the level 0.9090 in a short-term. Then a further decline to 0.9040.
The pair couldn't continue its upward movement yesterday and reached the value 0.9124. The offset remains neutral and will stay like that, maybe with a little downwards, testing the mark 0.9100.
The clear break and day/weekly close below this level of the market could trigger further downward movement this week. The nearest resistance is at 0.9126, and the upward pressure is testing 0.9200.
As an alternative the pair can fall to 0.9090.
The CHF strengthened after the release of GDP that exceeded the expectations. In the 3rd quarter GDP of Switzerland rose by 0.5 % compared with the previous quarter when an increase by the same 0.5 % was observed - while expected growth was only 0.4%.
Now the price will continue to decline testing 0.9040 mark .Despite this, the chart formed a falling wedge which may cause the beginning of further growth scenario, especially if the price breaks above 0.9100 - 0.9135 resistance area, testing 0.9040 mark.
The pair has not done any significant movements but, in general, it is able to maintain its downward movement.
Offset remains bearish in the near future, testing level 0.9040 as the nearest target.
The price continue falling testing 0.9090 mark .Despite this, the chart formed a falling wedge which may cause the beginning of further growth scenario, especially if the price breaks above 0.9100 - 0.9135 resistance area.
Non farm payrolls for the 22th of November totaled 316K vs. 326K. It is possible to assume that with the resumption of the weakness of the U.S. currency the positive data on GDP in Switzerland put pressure on. The resistance remains at Monday's high level 0.9130.
The pair is falling testing the support level at 0.9040. Should the price break it the pair may go towards 0.8990. The correction towards 0.9060 is possible.
Swiss Franc finished the trading session last week at the high level. In general, investors remain cautious before Non farm Payrolls report in the United States that can fix the drop in unemployment to its lowest level since 2008 of 7.2%.
The pair is getting close to 0.8950. If it breaks this level the price will go towards to the October low 0.8890. A correction towards 0.8950 is possible.
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FRANK remains under pressure amid a weakening dollar against European currencies because of the uncertainty about the prospects for reducing the Fed asset purchases.
After a sharp drop last week, the pair is still close to 0.8891. This level was the minimum of 2013 and was reached in October. There is a risk of reduction to 0.8828 in the short term.
The main trend is going downside, the downward long-term trend is directed to 0.7837. Medium-term trend is also down warded, the goal is 0.9007. But the price falling is interrupted by a short-term correction, whose target is 0.9128. After the correction is over the pair shall restore a downward movement.
The growing is slowing down. The long orders target is 0.9094 and 0.9084. The correction or falling will send the pair to 0.8990.
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USDCHF – While USDCHF may be recovering, its broader downside bias still remains intact. And with that recovery running out of steam, downside threats cannot be ruled out. This suggests on ending its corrective recovery, a return to the 0.8889 level is expected. Further down, support lies at the 0.8850 level followed by the 0.8800 level. A turn below here will turn attention to the 0.8750 level followed by the 0.8700 level and possibly lower towards the 0.8850 level. On the other hand, the alternative scenario will be for the pair to continue its recovery and eventually retake the 0.9044 level Further out, resistance resides at the 0.9177 level. A break of here will target the 0.9278 level followed by the 0.9454 level. On the whole, the pair remains biased to the downside medium term.