Outside of some announcements around Europe today, including the Samaras-Monti and the Rajoy-Monti meetings, the cross will not be influenced by any major indicator releases Friday. According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., after clearing the initial barrier at 0.9300, the USD/CHF looks to be reinforced by resistance at its 55-day EMA at 0.9350, suggesting limited gains for now.
According to the technical analyst team at ICN.com, “This week we maintained the bearish bias for the USD/CHF yet we saw the pair return higher in a slightly limited move. As indicated hourly charts, the pair couldn’t confirm stability above 0.9325 despite trading above this level for some time. Areas of 0.9325 represent the first target of the bearish Butterfly Pattern and consolidating below this value keeps the bearish outlook intact.”
Drvenica calculates the next short-term supports at 0.9308, 0.9300, and finally 0.9206. On the ascension, the pair will find resistance at 0.9330, 0.9353, and eventually 0.9400.