USD/CHF: levels to watch
USD/CHF is consolidating in the 0.9150/00 area and one may trade on its breakout.
On the upside, at 0.9150 there’s a 3-month resistance line and the bottom of the daily bearish Ichimoku Cloud. Next resistance levels lie at 0.9177 (October high) and 0.9210/20 (top of the Cloud, 38.2% Fibo of July-October decline) and further at 0.9285. Support is at 0.9050 and 0.9033.
Swiss SECO Consumer confidence index came a bit worse than expected at (-5 versus -4). Watch the upcoming important data in the US and Europe – they will have much impact on USD/CHF. Mind the strong inverse correlation between USD/CHF and the EUR/USD, so only a heavy pressure on euro will make USD/CHF move significantly up.
Chart. Daily USD/CHF