Thursday 8 March 2018

USD/CHF Above 0.9500


The power awakens for the US dollar while the single currency suffered huge drop today. As it was expected the ECB kept the interest rate unchanged but removed from the statement the phrase of needing to extend QE if conditions worsen. The euro retreated from its recent location and dragged the Swiss franc lower.
But at this time the USD/CHF broke the resistance at 0.9470 and pinned fresh new high at 0.9518 and currently is trading at 0.9415. On the four hour time frame the price is developing well above its moving averages. RSI and stochastic are located within extreme overbought areas and both are showing strong upward momentum.
Next significant territory for the pair is 0.9570 which if bulls succeed to conquer will be eyeing the key level at 0.9600 and higher around 0.9650.



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