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Alert - 10:25 (CET) - UsdChf
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The UsdChf is trading at 1.1402, ranging from 1.1281 to 1.1422. The current price is over yesterday's close at 1.1282. Checking the hourly graphics, the 20- and 50-day Exponential Mobile Averages (EMA) are over the 200-day EMA.
As the resistances at 1.1123 (January 22nd high) and 1.1372 (December 31st high) were broken, the traders are contemplating the next at 1.1593 (December 26th 2007 high). The traders are also keeping an eye on the supports at 1.1070 (February 13th high), 1.0918 (February 26th high) and 1.0764 (February 27th high).
The pair is rebounding from September lows at 1.0706, having broken the first key resistance of that month at 1.1280. Now, the traders are eyeing the September high at 1.1418.
In any case, 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.
Right now, the Dollar is advancing against the Swiss Franc, as the financial crisis deepens in the Eurozone.
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 volatility per hour is 260 pips. The 60-minute Relative Strenght Index (RSI) is at 62 points, near the overbought area.
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