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Forex: USD/CHF threatens 0.9200

By FXstreet.com,  January 14, 2013, 02:26:00 PM EDT

FXstreet.com (Córdoba) - The dollar pushed higher and managed to print a marginal new high versus the franc during the American afternoon, as EUR/CHF advanced to a 13-month high, but stalled just ahead of the 0.9200 psychological level.

USD/CHF extended its recovery from a 9-day low of 0.9108 scored last Friday, and having climbed over 80 pips throughout the day it recently reached a high of 0.9199. At time of writing, USD/CHF is trading at the 0.9195 zone, 0.8% above its opening price.

"Improved hourly studies reduce the downside risk, however, break and close above 0.9200 is seen as supportive element for possible further recovery towards 0.9230, Fibonacci resistance and 09 Jan low, ahead of more significant 0.9270/0.9300, key near-term resistance zone", said Slobodan Drvenica, analyst at Windsor Brokers Ltd. "However, failure under 0.9200, would keep the downside vulnerable, as 4h chart studies are still in the negative territory".




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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