News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
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.

DISCLOSURES