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19 Aug 2013
USD/CHF gathering energy for the next big move. Will it be higher?
FXstreet.com (Barcelona) - Early trading in the USD/CHF cross is fairly uneventful thus far Monday morning as traders seem to be waiting for future directional guidance from data and news later this week.
USD/CHF will be data dependent later this week
The USD/CHF cross is awaiting directional guidance from data, equity trading action and central bank data and news later this week. The data flow will take on more importance starting Wednesday when the US FOMC Policy Meeting Minutes are released and will culminate with the anticipated commentary and news flow to come from the Jackson Hole Symposium on Thursday and Friday. In between, USD/CHF traders will also need to consider the Swiss Monthly Statistical Bulletin on Wednesday and the Swiss Trade Balance on Thursday.
Technical take on USD/CHF
Technicians say the USD/CHF is likely in the early stages of wave C of an ABC upside correction. The upside target for wave C is at least 0.9707. However, first resistance for USD/CHF comes in at the 8/2 and 8/15 peaks at 0.9389. Support for USD/CHF comes in at the 8/8 low of 0.9174 with the 6/13 low of 0.9130 as the next support below that.
USD/CHF will be data dependent later this week
The USD/CHF cross is awaiting directional guidance from data, equity trading action and central bank data and news later this week. The data flow will take on more importance starting Wednesday when the US FOMC Policy Meeting Minutes are released and will culminate with the anticipated commentary and news flow to come from the Jackson Hole Symposium on Thursday and Friday. In between, USD/CHF traders will also need to consider the Swiss Monthly Statistical Bulletin on Wednesday and the Swiss Trade Balance on Thursday.
Technical take on USD/CHF
Technicians say the USD/CHF is likely in the early stages of wave C of an ABC upside correction. The upside target for wave C is at least 0.9707. However, first resistance for USD/CHF comes in at the 8/2 and 8/15 peaks at 0.9389. Support for USD/CHF comes in at the 8/8 low of 0.9174 with the 6/13 low of 0.9130 as the next support below that.