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23 Aug 2013
USD/CHF, breaks through resistance; it is a comeback?
FXstreet.com (Chicago) - USD/CHF plunged on US home sales data released earlier today as expectations were not matched. The pair fell below 0.92 zone to quickly reverse in the afternoon of the American trading session.
Under-performing market
New home sales data fell to 0.394M vs. expected 0.485M and previous 0.455M translating into -13.4% change (MoM) for the month of July vs. estimates at -1.4%. The Jackson Hole Symposium remains at the center of attention as market participants aspire to find potential hints leading to a better understanding of Fed’s decision on tapering the US monetary stimulus package next month.
USD/CHF Technical Levels
Technically speaking, the pair trades at 0.9213 above immediate resistance at 0.9211 (August 20th highs) ahead of 0.9232 (August 22nd lows) and 0.9258 (August 13th lows). On the downside, supports are set at 0.9190 (August 9th lows), 0.9171 (August 8th lows) followed by 0.9158 (August 20th lows). The FXstreet.com trend index reports the pair as strongly bearish on one-hour timeframe analysis as losses account for 0.22% today.
Under-performing market
New home sales data fell to 0.394M vs. expected 0.485M and previous 0.455M translating into -13.4% change (MoM) for the month of July vs. estimates at -1.4%. The Jackson Hole Symposium remains at the center of attention as market participants aspire to find potential hints leading to a better understanding of Fed’s decision on tapering the US monetary stimulus package next month.
USD/CHF Technical Levels
Technically speaking, the pair trades at 0.9213 above immediate resistance at 0.9211 (August 20th highs) ahead of 0.9232 (August 22nd lows) and 0.9258 (August 13th lows). On the downside, supports are set at 0.9190 (August 9th lows), 0.9171 (August 8th lows) followed by 0.9158 (August 20th lows). The FXstreet.com trend index reports the pair as strongly bearish on one-hour timeframe analysis as losses account for 0.22% today.