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6 Feb 2013
Forex: USD/CHF testing the 0.9100 level after pullback
The USD/CHF has plummeted off its session highs of 0.9151 during American trading Wednesday, as the pairs gains virtually evaporated down in less than an hour. Despite the easing however, the cross is still trading positively and has managed not to lose sight of the 0.9100 level, where it is testing presently.
According to Analyst Fan Yang at FX Times, “There was a false break down during the early session Wednesday, which was followed by a rally that broke the recent resistance around the 0.9115 mark. Today’s American session however shows resistance to this rally leading us to contemplate whether a breakout going to be followed by further rally, or whether this rally completed an ABC correction.
At the time of writing the USD/CHF trading steadfastly at +0.16% above it’s opening. The technical analyst team at ICN.com points to resistive means at 0.9104, 0.9133, and 0.9150. Conversely, a break below the 0.9058 support will result in the testing of additional measures of correction at 0.9041 and 0.9012.
According to Analyst Fan Yang at FX Times, “There was a false break down during the early session Wednesday, which was followed by a rally that broke the recent resistance around the 0.9115 mark. Today’s American session however shows resistance to this rally leading us to contemplate whether a breakout going to be followed by further rally, or whether this rally completed an ABC correction.
At the time of writing the USD/CHF trading steadfastly at +0.16% above it’s opening. The technical analyst team at ICN.com points to resistive means at 0.9104, 0.9133, and 0.9150. Conversely, a break below the 0.9058 support will result in the testing of additional measures of correction at 0.9041 and 0.9012.