USDCHF Struggling Around Important Area, Break Near?

USDCHF Struggling Around Important Area, Break Near?

By: Ben Myers | Where To Trade | On:11-02-2015 13:37
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Key Highlights

  • US dollar struggling around an important resistance area against the Swiss franc and seems to be consolidating in a small range.

  • In New Zealand, the Electronic Card Retail Sales reported by Statistics New Zealand registered a reading of -0.4%, compared with the last decline of 0.1% in January 2015.

  • Australian Westpac Consumer Confidence released by the Faculty of Economics and Commerce Melbourne Institute came in at 100.7 in January 2015 whereas the last reading was 93.2.

  • Australian investment lending for homes released by the Australian Bureau of Statistics registered a reading of 6.0% in December 2014, compared to the last decline of 2.2%.

  • Australian Home Loans report was also released around the same time, which registered an increase of 2.7% in December, whereas the market was expecting only 2.0% and the last reading was even a decline of 0.4% which was also revised down from 0.7%.

  • No major economic release lined in the Euro area up during the upcoming London session.

  • GBPUSD moved lower recently, but managed to find support around the 1.5200 area.

USDCHF

The US dollar recovered very well against the Swiss franc after the brutal collapse after the SNB event. It traded higher and recovered more than 50% ground. The USDCHF pair is currently trading around the 61.8% fib retracement level of the last drop from the 1.0218 high to 0.7744 low. However, the most important point is the fact that it is facing a monster resistance ahead in the form of the 200 simple moving average on the daily chart. The mentioned MA has potential to protect gains in the pair in the short to medium term.

Intraday Support Level – 0.9200

Intraday Resistance Level – 0.9300

  • Overall, as long as the pair is below the 200 daily MA it might continue trading lower.

  • A break above the same could take the pair towards the 0.9500 level.

If the USDCHF pair moves lower, then initial support is around the last swing low of 0.9200. A break below the same might call for a test of the 0.9000 level.

GBPUSD

The British pound was one of the better performers this week against the US dollar. However, the only worrying point is that the pair failed to settle above the 0.9300 level which represents a major swing level for the pair. On the other hand, there is a positive point as well, as the pair is forming a major support around the 1.5200 level. We need to see how it trades in the coming days. A break and close on the either side might call for a healthy move in the near term.

Intraday Support Level – 1.5200

Intraday Resistance Level – 1.5200

  • Buying dips around the 1.5200 level line look like a good option.

  • A break below the same might call for more losses moving ahead.

On the upside, the reaction level is at 1.5300. A break and close above the same might ignite sharp gains in the GBPUSD pair in the short term.

Ben Myers

Ben Myers

Success = few pips, thousand times

Ben Myers is one of the most respected and trusted names in the financial trading industry. Following a long and successful career with HSBC, Bank of Ireland and running his own investment firm

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