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1 Nov 2013
USD/CHF up +230 pips; targets 0.9130
FXstreet.com (Chicago) - USD/CHF prints the largest gains among currency majors trading 0.68% stronger today and advancing over 2.34% this week.
Earlier in the US, manufacturing results were made public with the Markit manufacturing PMI at 56 vs. estimates at 56.1 and past results at 56.3. The ISM manufacturing PMI was 56.4 vs. expected 55 and prior 56.2. In Switzerland, the SVMW – Purchasing managers index was 54.2 vs. expected 55.5 and prior 55.3.
USD/CHF Technical Levels
Technically speaking, the pair is offered at 0.9127 and oscillates between the supports aligned at 0.9091 (October 15th lows), 0.9065 (October 31st highs) ahead of 0.9032 (October 22nd highs) and the resistances set at 0.9131 (October 11th highs), 0.9177 (October 16th highs) followed by 0.9228 (September 10th lows). Extending the upward trendline that originated last October 24th, the pair proves to be bullish with market participants consolidating a reversal after several weeks of instability. Above the EMA20, primary and secondary trends point up.
Earlier in the US, manufacturing results were made public with the Markit manufacturing PMI at 56 vs. estimates at 56.1 and past results at 56.3. The ISM manufacturing PMI was 56.4 vs. expected 55 and prior 56.2. In Switzerland, the SVMW – Purchasing managers index was 54.2 vs. expected 55.5 and prior 55.3.
USD/CHF Technical Levels
Technically speaking, the pair is offered at 0.9127 and oscillates between the supports aligned at 0.9091 (October 15th lows), 0.9065 (October 31st highs) ahead of 0.9032 (October 22nd highs) and the resistances set at 0.9131 (October 11th highs), 0.9177 (October 16th highs) followed by 0.9228 (September 10th lows). Extending the upward trendline that originated last October 24th, the pair proves to be bullish with market participants consolidating a reversal after several weeks of instability. Above the EMA20, primary and secondary trends point up.