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Alert - 10:10 (CET) - UsdChf
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After hving hit its historical low this year at 0.9646, the UsdChf is set for a rebound. In fact, it has returned to 2007 levels, that fluctuated between 1.0890 and 1.2573.
The UsdChf is taking last year's path, trading at 1.1500, ranging from 1.1357 to 1.1540. The current price is over yesterday's close at 1.1388. Checking the hourly graphics, the 20- and 50-day Exponential Mobile Averages (EMA) are under the 200-day EMA. Despite that, the price broke the 200-day EMA.
The resistances are at 1.1775 (October 24th, 2007 high), 1.1860 (October 15th, 2007 high) and 1.2133 (August 18th, 2007 high). The supports are at 1.1490 (October 21st low), 1.1282 (October 16th low) and 1.1129 (October 10th low).
The behaviour of the pair is inversely propotional to the EurUsd one, as the ECB and SNB monetary policies are very similar. This is another way of explaining the behaviour of the UsdChf.
Meanwhile, the traders are evaluating if the recent decline of the cross, from the anual high at 1.1749, is due to a simple profit taking. Its 60-minute Relative Strenght Index (RSI) showed yesterday a clear divergence, justifying its recent profit taking. This seems to have come to an end, as the UsdChf is rebounding from last week low at 1.1203.
Checking the graphics again, we see that the current price is over the 0.00% (0.9646) and under the 23.60% (1.4282) Fibonacci retracement line. The average volatility per hour is 160 pips. The 60-minute Relative Strenght Index (RSI) is at 58 points, rebounding from the oversold area.
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