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5 Aug 2013
USD/CHF held by resistance
FXstreet.com (New York) - The USD/CHF foreign exchange rate has eased slightly after retesting its session highs of 0.9336 earlier today.
Earlier today in the United States, the ISM non-Manufacturing PMI was reported at 56.0 in July, beating expectations of 53.0, and compared with 52.2 in the month of June.
At this juncture, the USD/CHF is now navigating the region of 0.9323, still gripped to an advance of +0.32% above its opening during US trading. Briefing the technicals, the USD/CHF will face resistance at 0.9322, onto 0.9347, and 0.9362.
USD/CHF strategic bias
According to the Technical Analyst Team at ICN.com, “The USD/CHF dropped sharply which might prove forming a new descending channel. Stability below 0.9370 will keep the bearish possibility valid this week. We should point out that breaking 0.9265 is significant to support extending the downside move and cancel any oversold signals on Stochastic. Anyhow, Linear Regression Indicators are negative and RSI is moving freely below line 50.”
Earlier today in the United States, the ISM non-Manufacturing PMI was reported at 56.0 in July, beating expectations of 53.0, and compared with 52.2 in the month of June.
At this juncture, the USD/CHF is now navigating the region of 0.9323, still gripped to an advance of +0.32% above its opening during US trading. Briefing the technicals, the USD/CHF will face resistance at 0.9322, onto 0.9347, and 0.9362.
USD/CHF strategic bias
According to the Technical Analyst Team at ICN.com, “The USD/CHF dropped sharply which might prove forming a new descending channel. Stability below 0.9370 will keep the bearish possibility valid this week. We should point out that breaking 0.9265 is significant to support extending the downside move and cancel any oversold signals on Stochastic. Anyhow, Linear Regression Indicators are negative and RSI is moving freely below line 50.”