IronFX Intraday Technical Analysis 2013-10-15- FindYourFX.com

USD/CHF

The dollar held steady or gained against most of its G10 counterparts during the European morning as the US Senate leaders worked out a deal to finance the US government. Stock prices were generally higher and S&P 500 index futures were up slightly. CHF experienced the biggest losses among the G10 currencies in this more confident environment, while gold and silver plunged.
USD managed to recovered the losses of the last two days vs EUR despite the rise in German ZEW survey expectations for October, which came much better than expected (52.8 vs expected 49.6). EUR/USD moved sharply lower below 1.3500, recording a 3-day low.
AUD/USD moved steadily higher during the Asian session to nearly a 4-month high after the release of minutes by the Reserve Bank of Australia that showed that policymakers are in no hurry to cut interest rates further, saying that the effect of previous rate cuts “had further to run.” However, the pair fell during the European morning, giving back some of its early profits.
USD/CHF has been moving in an uptrend since the 3rd of October and surge during the last hours’ trading activity, reaching new short term highs. During the early European afternoon, the rate is trading above the 0.9147 (S1) barrier, this morning’s resistance level. If the bullish bias continues, the action should drive towards the next hurdle at 0.9169 (R1). The MACD oscillator lies above its zero line and during the rally crossed above its trigger, confirming the enthusiasm of the longs. On the other hand, the RSI entered its overbought zone and as a result a pullback during the day should not be ruled out. On the longer time frame (4-hour chart), the price rebounded from the neckline of an inverse head and shoulder formation, increasing the probabilities for the continuation of the uptrend.
Support: 0.9147 (S1), 0.9130 (S2), 0.9114 (S3)
Resistance: 0..9169 (R1), 0.9201 (R2), 0.9227 (R3)

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