Capital Trust
Capital Trust
images

Dec 10, 2016

06:07 AM EDT


  • New York close
  • London close
  • Tokyo close
  • Sydney close
Market Analysis

Home » Technical Analysis » Daily » USDCHF Remains In Uptrend

USDCHF Remains In Uptrend

Posted by FXTimes in Daily - April 21st, 2016 10:45 am GMT

The-Death-Of-The-Dollar

Key Points

  • US Dollar declined against a few major currencies, but managed to climb higher against the Swiss Franc.
  • There was a bearish trend line formed on the hourly chart of the USDCHF pair, which was broken recently.
  • Swiss Trade Balance released by the Federal Customs Administration posted a trade surplus of 2,163M, less than the forecast of 3,890M in March 2016.
  • Swiss Imports of goods and services came in at 15,646M in March 2016. <br><br>

Technical Analysis

The Swiss Franc declined heavily against the US Dollar, and it was less due to strength of the greenback, but more due to weakness of Swiss Franc. There was a bearish trend line formed on the hourly chart of the USDCHF pair, which was broken the USD bulls recently.

USDCHF

The pair after trading as high as 0.9739 started to correct, and currently testing the 23.6% Fib retracement level of the last leg from the 0.9588 low to 0.9736 high.

On the upside, the 0.9735-40 is a resistance area. A break above it could take the pair towards 0.9760.

Swiss Trade Balance

Today, the Swiss Trade Balance, which is a measure of balance amount between import and export was released by the Federal Customs Administration. The forecast was lined up for a trade surplus of 3,890M in in March 2016, but the result was disappointing, as the surplus was 2,163M.

Moreover, the Swiss Imports of goods and services came in at 15,646M, and exports came in at 17,809M in March 2016. Overall, the result was disappointing, which increase the risk of more declines in the Swiss franc in the near term.

One may consider buying USDCHF on the dips as long as the pair is above the 0.9680 support area.

Share!Share on FacebookTweet about this on TwitterShare on LinkedInShare on Google+

No comments yet.

You must be logged in to post a comment.

Forex, Commodities, Indices

Daily Updates

Daily Updates


Get the latest fundamental analyses, technical analyses and the most up-to-date Forex news catered to your interests, everyday.