Market Review – 31/08/2011 22:00 GMT Franc gains broadly as government accepts strength The Swiss franc rose against all its major counterparts on Wednesday as the Swiss National Bank has not recently signalled further intervention. Although the...
The US dollar is gaining strength again.
With a break above 1,06 last friday, the pair has shown renewed strengh and confirmed a possible bullish resumption.
Though it is not yet in question, we are starting to question the bullish potential on this pair which continues to be under pressure after a break below the 38% fib level.
The pair is now consolidating its rally started last week. Any setback should be well supported by the 0,80 former resistance.
We have seen the pair confirming a possible material base on top of its historical low (76,00) but the structure remains relatively weak.
Considering the last day closing, we expect a test of the ascending trendline at 1,6250. A break below the daily channel would negate the bullish outlook.
Yerterday’s price action didn’t really confirm a bullish bias on the pair which was a bit under pressure, testing the 1,44 support.
Greetings. Let’s pull up the USD/CHF chart. We saw a dramatic move downward but we may have seen a potential low to act as a turning point.
An increase in the risk appetites supported high-yielding currencies.
