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6 Feb 2013
Forex: USD/CHF rallies on Swissy plunge
The USD/CHF has just entered a rally from 0.9080 area to as high as 0.9136 through Swissy weakness rather than strength of the greenback. Market talk points to strong EUR/CHF bids as responsible for such move.
The economic calendar is pretty empty, with the German Factory Orders being the exception. Consensus points to a 0.9% rise in December, but an annualized drop from -1.0% to -1.2%.
“We note the 13 count on the daily chart and the divergence of the daily RSI and this adds weight to the idea of some consolidation/rebound ahead of psychological support at 0.9000”, wrote Commerzbank analyst Karen Jones, pointing to intraday resistance at 0.9165 (minor Fibonacci retracement), while downside targets are 0.8931 (2012 low) and then 0.8862 (38.2% retracement of the move up from 2011).
The economic calendar is pretty empty, with the German Factory Orders being the exception. Consensus points to a 0.9% rise in December, but an annualized drop from -1.0% to -1.2%.
“We note the 13 count on the daily chart and the divergence of the daily RSI and this adds weight to the idea of some consolidation/rebound ahead of psychological support at 0.9000”, wrote Commerzbank analyst Karen Jones, pointing to intraday resistance at 0.9165 (minor Fibonacci retracement), while downside targets are 0.8931 (2012 low) and then 0.8862 (38.2% retracement of the move up from 2011).