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7 Oct 2013
USD/CHF on the downwards again as US uncertainty persists
FXstreet.com (Athens) – The USD/CHF is trading again on the down level, after a “mini uptrend pause” on Friday amidst uncertainties regarding not only the US debt-ceiling but also the next German government as well as the “growth woes” on China.
USD/CHF threatening again the crucial 0.9000 support
The USD/CHF is heading south on Monday as the political gridlock in the US continues to take centre-stage in the global backdrop. Furthermore, it is not just due to the fact that the Republicans have hardened more their stance the recent days making a default rather more realistic , that led traders to seek for safe-haven assets and currencies. We are also ahead of the constant process in Germany in its trial to shape a government, while the World Bank cut China 2013 growth outlook to 7.5% from 8.3% previously estimated, remerging global woes on the growth of the second largest economy in the world.
Technical Outlook on USD/CHF
Karen Jones, Head Technical Analyst at Commerzbank suggests that the “USD/CHF saw a recovery on Friday, which has eroded the accelerated downtrend. In order to negate current downside pressure the market will need to regain .9130/52, the June low and the 23.6%
retracement of the move down from July. A close back above here will signal a return to the 3 month downtrend ay .9305. While capped by .9130/52, we remain unable to rule out further losses to the .8931/.8909 zone (2012 low and the base of a one year down channel), we look for this to hold the downside and provoke reversal.”
USD/CHF threatening again the crucial 0.9000 support
The USD/CHF is heading south on Monday as the political gridlock in the US continues to take centre-stage in the global backdrop. Furthermore, it is not just due to the fact that the Republicans have hardened more their stance the recent days making a default rather more realistic , that led traders to seek for safe-haven assets and currencies. We are also ahead of the constant process in Germany in its trial to shape a government, while the World Bank cut China 2013 growth outlook to 7.5% from 8.3% previously estimated, remerging global woes on the growth of the second largest economy in the world.
Technical Outlook on USD/CHF
Karen Jones, Head Technical Analyst at Commerzbank suggests that the “USD/CHF saw a recovery on Friday, which has eroded the accelerated downtrend. In order to negate current downside pressure the market will need to regain .9130/52, the June low and the 23.6%
retracement of the move down from July. A close back above here will signal a return to the 3 month downtrend ay .9305. While capped by .9130/52, we remain unable to rule out further losses to the .8931/.8909 zone (2012 low and the base of a one year down channel), we look for this to hold the downside and provoke reversal.”