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16 Sep 2013
USD/CHF on recovery mode? Fluctuations at EMA20 intersection
FXstreet.com (Chicago) - USD/CHF tops losers in the afternoon of the American trading session. The pair attempts to erase earlier losses triggered by market participants’ reactions to the announcement from Larry Summers to withdraw his bid for candidacy to the Chairman position in the Fed available from January 2014.
Summers, US data
Earlier in Asia, the dollar plunged across the board on Summers announcement for a week start for the greenback. Prior to the Fed’s meeting that will result in potential tapering, US data was released this morning with the NY Empire State Manufacturing Index for September at 6.29 vs. past 8.24 and expected 0.20. Industrial production improved from 0% and matched 0.4% projections.
USD/CHF Technical Levels
Price action reveals a plunge at the opening with a gap sending the pair to 0.9230 lows. Capped at 0.9279, the pair retraced to the 0.9240 zone and managed to bounce above 0.9260, where it attempts to consolidate. Offered at 0.9265, the pair fluctuates between supports at 0.9244 (August 15th highs), 0.9220 (August 15th lows) ahead of 0.9186 (August 24th lows) and resistances at 0.9290 (August 15th highs), 0.9313 (August 29th lows) followed by 0.9337 (August 29th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe with a neutral EMA20.
Summers, US data
Earlier in Asia, the dollar plunged across the board on Summers announcement for a week start for the greenback. Prior to the Fed’s meeting that will result in potential tapering, US data was released this morning with the NY Empire State Manufacturing Index for September at 6.29 vs. past 8.24 and expected 0.20. Industrial production improved from 0% and matched 0.4% projections.
USD/CHF Technical Levels
Price action reveals a plunge at the opening with a gap sending the pair to 0.9230 lows. Capped at 0.9279, the pair retraced to the 0.9240 zone and managed to bounce above 0.9260, where it attempts to consolidate. Offered at 0.9265, the pair fluctuates between supports at 0.9244 (August 15th highs), 0.9220 (August 15th lows) ahead of 0.9186 (August 24th lows) and resistances at 0.9290 (August 15th highs), 0.9313 (August 29th lows) followed by 0.9337 (August 29th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe with a neutral EMA20.