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USDCHF Bearish but Support Holding

USDCHF Bearish but Support Holding

Christopher Vecchio, CFA, Senior Strategist

Daily Bars

eliottWaves_usd-chf_body_Picture_5.png, USDCHF Bearish but Support Holding

Prepared by Christopher Vecchio, Currency Analyst

The USDCHF has traded so closely to the EURUSD, in the sense that, since September 6, 2011, the EUR and the CHF have held a +0.94 daily correlation. Essentially, the USDCHF has traded as an inverse to the EURUSD. Accordingly, we find that the USDCHF remains bearish for the time being (as we find the EURUSD is bullish for the time being). The 38.2% Fibonacci retracement has held thus far on the recent decline; and should this level hold today, again, we will likely need a EUR-positive catalyst to force a thrust through. Near-term resistance comes in at 0.9600/10, 0.9645/50, 0.9670, and 0.9700. Interim support comes in at 0.9560/65, 0.9500, and 0.9450/55.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.