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2 Aug 2013
USD/CHF heads into data on a short-term roll. Will it continue?
FXstreet.com (Barcelona) - The US Dollar / Swiss Franc cross (USD/CHF) heads into big data day with more work to do if it is to open up more upside potential. USD/CHF below 0.9406 is considered bearish by technicians.
USD/CHF traders have Swiss PMI and US non-farm payrolls to digest Friday
The Swiss Purchasing Managers Index for July is due out at 07:30 GMT and will be followed later in the day by the monthly employment report in the US. Each data point has the power to push USD/CHF hard in either direction – so traders will be on full alert.
USD/CHF technical outlook
The USD/CHF has been on a short-term upside run from the Wednesday low of 0.9227 to 0.9373 currently. The technical crowd is calling a bit more of a bounce even in the most bearish scenario. Short-term resistance for USD/CHF comes in at the Fibonacci projection for “correction resistance” at 0.9406 and is followed by 0.9446 – another, more bullish Fibonacci projection. Support for USD/CHF comes in at a pivot from mid-Thursday at 0.9299 and is followed by the Wednesday low.
USD/CHF traders have Swiss PMI and US non-farm payrolls to digest Friday
The Swiss Purchasing Managers Index for July is due out at 07:30 GMT and will be followed later in the day by the monthly employment report in the US. Each data point has the power to push USD/CHF hard in either direction – so traders will be on full alert.
USD/CHF technical outlook
The USD/CHF has been on a short-term upside run from the Wednesday low of 0.9227 to 0.9373 currently. The technical crowd is calling a bit more of a bounce even in the most bearish scenario. Short-term resistance for USD/CHF comes in at the Fibonacci projection for “correction resistance” at 0.9406 and is followed by 0.9446 – another, more bullish Fibonacci projection. Support for USD/CHF comes in at a pivot from mid-Thursday at 0.9299 and is followed by the Wednesday low.