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USD/CHF retreats from maximums, trades at 0.9908

By FXstreet.com,  July 23, 2012, 07:55:00 AM EDT

FXstreet.com (Barcelona) - The USD/CHF has retraced slightly in the afternoon of European trading as investors have digested the negative news and shaken off the initial jitters of the opening Monday. After peaking at 0.9940, the pair has retreated to a level that is essentially on par with its opening level of 0.9908.

Mark De La Paz, an analyst at FX Instructor, tells us that the hour chart shows a strong bearish tone with the possibility of technical correction by 0.9907. "The prudent course of action is to stay out." adds De La Paz.

Currently the exchange pair is waning at a modest rate of -0.02% on the day. De La Paz identifies the next means of support at 0.9907 and 0.9863, and ultimately 0.9831. On the ascension, a breach of 0.9946 will initiate resistances at 0.9991 and 1.0075 respectively.




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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