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20 Mar 2014
USD/CHF is testing 0.88 support
FXStreet (Barcelona) - USD/CHF as well as other pairs is in corrective mode retracing back to 0.88 area at the moment.
SNB meeting is non-event
The pair reacted to the FOMC meeting positively, returning back to 2-weeks highs. Nevertheless, the broad recovery of the Swissy is not ruled out, if it succeeds breaking below 0.88. The next target is at 0.8788 in this case. The scheduled for today SNB meeting may become a complete non-event. With the Swissy trading around 2014 highs against the EUR amid geopolitical tension, the SNB most probably will reiterate its commitment to maintaining the 1.20 floor. The statement may note the improvement in Euro-area growth as a positive development but it may stress upon the high uncertainty around the growth outlook.
What are today’s key USD/CHF levels?
Today's central pivot point can be found at 0.8788 with support below at 0.8746, 0.8685 and 0.8643, with resistance above at 0.8849, 0.8891, and 0.8952. Hourly Moving Averages are bullish, with the 200SMA at 0.8756 and the daily 20EMA flat at 0.8813. Hourly RSI is neutral at 67.
SNB meeting is non-event
The pair reacted to the FOMC meeting positively, returning back to 2-weeks highs. Nevertheless, the broad recovery of the Swissy is not ruled out, if it succeeds breaking below 0.88. The next target is at 0.8788 in this case. The scheduled for today SNB meeting may become a complete non-event. With the Swissy trading around 2014 highs against the EUR amid geopolitical tension, the SNB most probably will reiterate its commitment to maintaining the 1.20 floor. The statement may note the improvement in Euro-area growth as a positive development but it may stress upon the high uncertainty around the growth outlook.
What are today’s key USD/CHF levels?
Today's central pivot point can be found at 0.8788 with support below at 0.8746, 0.8685 and 0.8643, with resistance above at 0.8849, 0.8891, and 0.8952. Hourly Moving Averages are bullish, with the 200SMA at 0.8756 and the daily 20EMA flat at 0.8813. Hourly RSI is neutral at 67.