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Swiss Franc Trades below the 100, 200 day SMAs

swiss franc, dollar

Looking at the Swiss franc (CHF) on the above four (4) hour USD/CHF MT 4 price chart, this currency exchange rate us trading around 0.9110 and below the one hundred and two hundred (100, 200) day simple moving averages (SMA).

The Swiss franc tried to recover against the U.S dollar after this Forex market moved up to 0.9119 on Wednesday but was unable to beat the greenbacks strong go to safe haven status. This currency exchange rate is trying to break above the 100 and 200 day SMA’s which would be bad for Swiss franc traders.

Switzerland has no macroeconomic events on their calendar today. The United States economic calendar is quite full today. The world’s largest economy will see the Philadelphia Fed publishing their monthly manufacturing index.

The United States is also releasing weekly first time jobless claims numbers and weekly continuing claims data from the Labor Department. The United States is also publishing their monthly CB leading index and monthly existing home sales data.

Also on today’s economic calendar, the Eurozone will release their monthly current account. The United Kingdom will publish their monthly CBI industrial orders index and Canada is releasing the monthly private ADP employment change.

Daily Swiss Franc Technical Analysis (USD/CHF)

The USD/CHF Forex market has a downside barrier lining up at 0.9108. A daily close below this level opens the door to challenge the bottom of the trend channel at 0.9080.

A sustained close below the trend channel opens the door to challenge the key and psychological support level at 0.90. The next layer of technical support lines up at 0.8980.

A daily close above the upside congestion area at 0.9115 to 0.9120 opens the door to challenge the upper barrier of the trend channel in play at 0.9130.

A daily close above the trend channel brings the dollar bulls into the market to challenge the next upside barrier at the monthly high price point. This layer of resistance is at 0.9195.

About David Frank

David has his MA and PhD in Economics. He is a technical analyst who has been trading in the Forex world for over a decade. As an analyst and trader, David believes in the big picture by blending together technical analysis with the fundamentals behind the scenes in the Forex and Bond markets. David’s trading strategy is unique. He blends an understanding of fundamental and macroeconomics with technical analysis to offer a unique view into Forex. He applies several strategies including carry long positions, to take advantage of high yields in non-volatile markets, as well as using quicker, chart related analysis for day trading.

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