According to FX Analyst Fan Yang at FXTimes, “In the near-term the market seems ready to retreat, and maybe test the just-broken consolidation. If price holds above 0.9300, it would be a very clear sign that bulls are in charge, especially if the 1H RSI holds above 50, though it can dip to 40 and still be within the bullish momentum mode. Tagging the 70 mark, we can see some nascent bullish momentum as price tags its 200-hour SMA.”
Recently in the United States, the Leading Indicator (MoM) came in line with consensus expectations at -0.1% in the month of August. Moreover, the Philadelphia Fed Manufacturing Survey yielded a result of only -1.9 in August, beating estimates a larger decline of -4.0. In the EMU, Consumer Confidence was reported at -25.9 in September, against a projected figure of only -24.0, and compared with -24.6 in the previous month.
The technical analyst team at ICN.com cited the USD/CHF’s next resistances at 0.9365, then 0.9405, and finally 0.9420. In the event of a downward retracement, the next short term supports lie at 0.9280, 0.9230, and eventually 0.9200.