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Forex: USD/CHF stalled by 100-day MA again

By FXstreet.com,  January 16, 2013, 03:00:00 AM EDT

FXstreet.com (Barcelona) - The USD/CHF keeps struggling with resistance as attempts further gains. The 100-day moving average, at 0.9326, is limiting the upside since yesterday. The pair reached as high as 0.9330 and came back down to the 0.9330 psychological level.

The European economic calendar will include Italy trade balance, a German bund auction and EMU CPI inflation report. At 8:15 GMT, the Swiss real retail sales will be published.

"We have seen this market repeatedly fail to close below 0.9104 over the past few weeks, (this is the 61.8% retracement of the move seen in 2012), and we have been highlighting our suspicions that this is in fact basing", wrote Commerzbank analyst Karen Jones, pointing to the 200-day MA, at 0.9423, as initial target, followed by 0.9513/25 (50% retracement and November high).




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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