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Swiss Franc May be Threatened by the Dollar

Forex
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Wednesday, March 29, 2017 12:18 PM / Meristem

Source: www.merifx.com.ng

Fundamental indication

         The USD Consumer Confidence (MAR) and Advance Goods Trade Balance (FEB) results were positive, causing the dollar to rally against some of the major currencies. This indicates a recovery of the US Dollar following the failure of the Health care bill.

         The Swiss National Bank (SNB) Sight Deposit Interest Rate was kept unchanged.

 

Technical analysis 

The pair has reached a support area at 0.9883 and has formed a bullish candlestick confirmation.

·         Stop loss: price at 0.9812

·         Entry: pullback to the 09883 support level

·         First target: resistance level at 1.0106

·         Second target: resistance level at 1.0160

·         Third target: resistance level at 1.0303

 

If price closes bearish below the 0.9812 level:

·         Price may continue downwards to the 0.9683 support level

NB: There has not been any high impact economic news from the Swiss in the past two weeks. Given the strong correlation between the Euro (EUR) and the Swiss Franc (CHF), the anticipated economic news releases relating to the Euro (EUR), may have the same sentimental impact on the Swiss Franc (CHF).


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