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13 Aug 2013
USD/CHF holding 0.9187 support Thursday has technicians bullish
FXstreet.com (Barcelona) - The USD/CHF cross managed to hold “correction support” on Thursday at 0.9187 and may have just commenced its next wave higher with an upside target of 0.9707.
USD/CHF will be trading off of US data Tuesday
US Retail Sales and Import/Export price data will be released at 12:30 GMT and will be likely driving the trading action in USD/CHF Tuesday. Swiss data does not enter the fray until Wednesday when Producer and Import prices as well as the monthly ZEW Expectations Survey are released.
Technical outlook for USD/CHF
Elliott Wave technicians say the USD/CHF is likely in the early stages of wave C of an ABC upside correction. The upside target for wave C is at least 0.9707. First resistance for USD/CHF comes in a 0.9389. Support for USD/CHF comes in at 0.9187 with the 6/13 low of 0.9130 as the next level below that.
USD/CHF will be trading off of US data Tuesday
US Retail Sales and Import/Export price data will be released at 12:30 GMT and will be likely driving the trading action in USD/CHF Tuesday. Swiss data does not enter the fray until Wednesday when Producer and Import prices as well as the monthly ZEW Expectations Survey are released.
Technical outlook for USD/CHF
Elliott Wave technicians say the USD/CHF is likely in the early stages of wave C of an ABC upside correction. The upside target for wave C is at least 0.9707. First resistance for USD/CHF comes in a 0.9389. Support for USD/CHF comes in at 0.9187 with the 6/13 low of 0.9130 as the next level below that.