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Alert - 10:00 (CET) - UsdChf
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The UsdChf is trading at 1.1703, ranging from 1.1700to 1.1799. The current price is over yesterday's close at 1.1780. Checking the hourly graphics, the 20- and 50-day Exponential Mobile Averages (EMA) are over the 200-day EMA.
The resistances are watched at 1.1844 (October 11th, 2007 high), 1.1200 (key) and 1.2179 (August 17th, 2007 high). The supports are watched at 1.1475 (November 3rd low), 1.1356 (October 31st low) and 1.1203 (October 30th 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. This way, we see the Dollar climbing against the Euro and, at the same time, against the Swiss currency.
As we're expecting the employment data from the US to be very discouraging, the traders are speculating that the Fed will cut rates again in December to try to stop the economic slowdown.
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 120 pips. The 60-minute Relative Strenght Index (RSI) is at 43 points, after having been overbought.
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