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12 Jul 2013
USD/CHF testing the 0.9500 barrier
FXstreet.com (New York) - The USD/CHF foreign exchange rate has held onto most of its daily gains Friday, clinging to the 0.9500 region during US trading.
Presently, the USD/CHF is now navigating the area of 0.9503, recording an advance of +0.27% above it’s opening. The Mataf.net analyst team identifies short-term resistive measures at 0.9535, onto 0.9597, and ultimately 0.9569.
Earlier today in the United States, the Producer Price Index (YoY) rose +2.5% in June, beating estimates of +2.1%. Moreover, the Producer Price Index (MoM) climbed +0.8% in June, exceeding expectations of +0.5%. Finally, the Producer Price Index ex Food & Energy (MoM and YoY) came in at +0.2% in June (vs. projections of +0.1%), and +1.7% in June (against a consensus of +1.6%) respectively.
USD/CHF strategic bias
According to Karen Jones, an analyst at Commerzbank, “The USD/CHF sold off towards and recovered ahead of its 6-week uptrend at 0.9400. The Elliot wave count on the daily chart suggests that the market should stabilize between here and Fibonacci support at 0.9368 and the 200-day MA at 0.9357.”
Presently, the USD/CHF is now navigating the area of 0.9503, recording an advance of +0.27% above it’s opening. The Mataf.net analyst team identifies short-term resistive measures at 0.9535, onto 0.9597, and ultimately 0.9569.
Earlier today in the United States, the Producer Price Index (YoY) rose +2.5% in June, beating estimates of +2.1%. Moreover, the Producer Price Index (MoM) climbed +0.8% in June, exceeding expectations of +0.5%. Finally, the Producer Price Index ex Food & Energy (MoM and YoY) came in at +0.2% in June (vs. projections of +0.1%), and +1.7% in June (against a consensus of +1.6%) respectively.
USD/CHF strategic bias
According to Karen Jones, an analyst at Commerzbank, “The USD/CHF sold off towards and recovered ahead of its 6-week uptrend at 0.9400. The Elliot wave count on the daily chart suggests that the market should stabilize between here and Fibonacci support at 0.9368 and the 200-day MA at 0.9357.”