USDCHF

With the USD's firm tone across the board, the USDCHF was able to finally break and hold above the once strong resistance of 1.1040.  Assuming the USD will hold this momentum, the pair now has upside resistance at the 50.0% Fibonacci level, around 1.1200.  The old resistance at 1.1040 should provide some support now as well.  The pair held between 38.2% and 1.040 for nearly a month (8/8 until yesterday).  We'll see if the USDCHF has found a new trading range...     

The USDCHF was able to break the 38.2% Fibonacci level (now support level) back on 8/8 and has been in a nice trading range ever since.  On 8/26, the pair was able to make a head fake above the key resistance of 1.1040, but was unable to build momentum dropping back into the range.  The USDCHF has tested the resistance a few times today during the Asian session with no success of breaking through.  We'll see if these levels hold as key CHF economic data is released at 1:45 AM.

Following the UBS published CHF Consumption Indicator and a strong USD move thereafter, the USDCHF has finally broke the key 1.1040 level.  This level has been tested for days as the pair has traded between this resistance and the 38.2% Fibonacci level.  The USDCHF is currently trading at a high since mid-February.  

The USDCHF has found a nice trading range between the 38.2% Fibonacci level broken 8/8 and 1.1040, a resistance level going back to mid February 2008. This resistance was first tested 8/19 and a few times thereafter. Tonight's high has been 1.031 with the USD up across the board.

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USDCHF broke through the 1.0964 (100 hour moving averge) then the 200 hour moving average at the 1.0918 level (after first holding the level). 

The Pair has consolidation low support at the 1.0825-1.0830 level.  Will be watching this level on the downside. 

As noted in previous day's blogs, the USDCHF had some strong momentum once the 38.2% Fibonacci level was breached. From there, the pair had to get through the key psychological 1.1000 level which it did. Now, we see strong resistance at 1.1040 (which was tested during the NY session) as the USDCHF could not break and run through. This level provided great resistance back in mid February and will be the pair's next upside obstacle.

Stops are being hit in the USDCHF above the 1.1007 level. 

The USDCHF is testing resistance at 1.1007 level (see earlier post).  At the same time, EURCHF is testing the 200 hour moving average at 1.6177.  Expect some resistance.

The USDCHF has some support at the 1.0954 level