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13 Mar 2013
Forex: USD/CHF breaks above 0.9500 level
The USD/CHF broke higher Wednesday, following a movement above the 0.9500 level during American trading. After peaking briefly at the 0.9525 level, the cross has surrendered some of its gains, retreating back towards the 0.9510/11 area in these moments. At this juncture the pair is recording steadfast gains of +0.39% above its opening.
“The USD/CHF is trying to move to the upside, which is likely as long as the pair is stable above the 0.9375 level. Despite overbought signals on momentum indicators, we remain positive as long as the pair is stable above the mentioned 0.9375.” notes the ICN.com analyst team.
After breaking the 0.9495 resistance, ICN.com analysts point to additional means of correction at 0.9515, onto 0.9570, and finally the upside barrier of 0.9600. Conversely, the USD/CHF will face support at 0.9465 then of 0.9425, and 0.9400.
“The USD/CHF is trying to move to the upside, which is likely as long as the pair is stable above the 0.9375 level. Despite overbought signals on momentum indicators, we remain positive as long as the pair is stable above the mentioned 0.9375.” notes the ICN.com analyst team.
After breaking the 0.9495 resistance, ICN.com analysts point to additional means of correction at 0.9515, onto 0.9570, and finally the upside barrier of 0.9600. Conversely, the USD/CHF will face support at 0.9465 then of 0.9425, and 0.9400.