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16 Jul 2013
USD/CHF bounces off intraday lows
FXstreet.com (New York) - The USD/CHF foreign exchange rate recently bounced off an intraday low of 0.9418 Tuesday, following the release of upbeat CPI data in the United States.
Presently, the USD/CHF is now navigating the area of 0.9439, incurring a fall of -0.49% off its opening during US trading. Following a fall below support at 0.9449, the Mataf.net analyst team has identified short-term supportive measures at 0.9412, ahead of 0.9370.
In the United States, the Consumer Price Index (YoY) grew by +1.8% in June, exceeding estimates of +1.5%. In addition, the Consumer Price Index (MoM) climbed +0.5% in June, beating expectations of only +0.3%. Finally, the Consumer Price Index ex Food & Energy (YoY) was reported at +1.6% in June, in line with projections.
USD/CHF strategic bias
According to the Technical Analyst Team at ICN.com, “The USD/CHF dropped sharply and is currently trading below 50% Fibonacci at 0.9445 shown on graph. Prolonged stability below the referred to level might extend bearishness towards 61.8%, while linear Regression Indicators supports our negative expectations.”
Presently, the USD/CHF is now navigating the area of 0.9439, incurring a fall of -0.49% off its opening during US trading. Following a fall below support at 0.9449, the Mataf.net analyst team has identified short-term supportive measures at 0.9412, ahead of 0.9370.
In the United States, the Consumer Price Index (YoY) grew by +1.8% in June, exceeding estimates of +1.5%. In addition, the Consumer Price Index (MoM) climbed +0.5% in June, beating expectations of only +0.3%. Finally, the Consumer Price Index ex Food & Energy (YoY) was reported at +1.6% in June, in line with projections.
USD/CHF strategic bias
According to the Technical Analyst Team at ICN.com, “The USD/CHF dropped sharply and is currently trading below 50% Fibonacci at 0.9445 shown on graph. Prolonged stability below the referred to level might extend bearishness towards 61.8%, while linear Regression Indicators supports our negative expectations.”