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3 Apr 2014
USD/CHF standing tall on EUR collapse
FXStreet (London) - With USD/CHF making a daily high and low at 0.8929 and 0.8843 respectively, spot is currently trading at 0.8920, up 0.64% on the day so far, following ECB President Draghi’s speech earlier.
USD/CHF soars on Draghi commentary
With natural negative correlations between USD/CHF and EUR/USD, the former has soared today, while the later has collapsed as ECB President confirmed that the central bank stood positioned to take aggressive action should inflation data fail to improve following the past months seasonal distortion. USD/CHF is presently trading at highs not seen since late February where it is likely to face resistance from previous dips dating back to October 2013.
USD/CHF Technicals
According to hourly FXStreet proprietary tools the OB/OS Index and Trend Index, the pair is overbought and slightly bullish respectively. Currently RSI is at 78.18, up from the last hourly print at 73.91, with ADX at 27.40, down from its previous close at 28.02. Meanwhile, daily RSI is in neutral territory at 53.78.
2-Standard Deviation Volatility Bandwidth is presently at 47 pips and expanding on the hourly USD/CHF chart, while the ATR (14) is currently at 10 pips. Daily 2-Standard Deviation Volatility Bandwidth is at 189 pips and shrinking.
USD/CHF Levels
Current price is 0.8919, with resistance ahead at 0.8929 (Daily High), 0.8945 (Daily Classic R3), 0.8951 (Daily 100 SMA), 0.8965 (Weekly Classic R2) and 0.9031 (Weekly Classic R3). Support below can be found at 0.8918 (Weekly Classic R1), 0.8911 (Daily Classic R2), 0.8887 (Daily Classic R1), 0.8877 (Monthly High) and 0.8876 (Yesterday's High).
USD/CHF soars on Draghi commentary
With natural negative correlations between USD/CHF and EUR/USD, the former has soared today, while the later has collapsed as ECB President confirmed that the central bank stood positioned to take aggressive action should inflation data fail to improve following the past months seasonal distortion. USD/CHF is presently trading at highs not seen since late February where it is likely to face resistance from previous dips dating back to October 2013.
USD/CHF Technicals
According to hourly FXStreet proprietary tools the OB/OS Index and Trend Index, the pair is overbought and slightly bullish respectively. Currently RSI is at 78.18, up from the last hourly print at 73.91, with ADX at 27.40, down from its previous close at 28.02. Meanwhile, daily RSI is in neutral territory at 53.78.
2-Standard Deviation Volatility Bandwidth is presently at 47 pips and expanding on the hourly USD/CHF chart, while the ATR (14) is currently at 10 pips. Daily 2-Standard Deviation Volatility Bandwidth is at 189 pips and shrinking.
USD/CHF Levels
Current price is 0.8919, with resistance ahead at 0.8929 (Daily High), 0.8945 (Daily Classic R3), 0.8951 (Daily 100 SMA), 0.8965 (Weekly Classic R2) and 0.9031 (Weekly Classic R3). Support below can be found at 0.8918 (Weekly Classic R1), 0.8911 (Daily Classic R2), 0.8887 (Daily Classic R1), 0.8877 (Monthly High) and 0.8876 (Yesterday's High).