USD/CHF Moves To New Highs As It Bounces Off Key Moving Average Earlier Today

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USD/CHF Moves To New Highs As It Bounces Off Key Moving Average Earlier Today

By Greg Michalowski on June 17, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

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The USDCHF has moved higher in early NY trade (see previous post for analysis on EURCHF) after testing the m moving average support overnight. The 100 and 200 hour moving average remain on top of each other and are acting as key support for the pair. This is unusual to see the moving average track each other for so long. The convergence is suggesting a trend like move for the pair. The bias is to the upside.

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Although the SNB is more concerned about the value of the currency against the EURCHF as the Eurozone is a larger trading partner, the value of the currency is nearer the lower level for the pair. A move above yesterday’s high at 1.0956 will target the month high at 1.0985. Above that is the 38.2% retracement at the 1.1116 (see chart above).

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