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[QUOTE="titanfx, post: 96812, member: 33464"]
[SIZE=6][B]USDCHF Eyes Fed's Yellen For Next Move [/B][/SIZE]
[B]Key Highlights  [/B]

·  US Dollar declined heavily against the Swiss Franc this week and even moved below the 0.9900-0.9800 support area.

·  There was a support trend line formed on the daily chart, which was broken during the downside drift.

·  Today, there is a major event in the US, as Fed's Yellen will testify that can set the US Dollar pace moving ahead.

·  On Thursday, the Swiss Consumer Price Index will be issued by the Swiss Federal Statistical Office, which is forecasted to decrease by 0.4% in January 2016.

[B]USDCHF Technical Analysis[/B]

The US dollar nosedived during the past few days against the Swiss Franc, and looks set for more declines in the near term. There was a major support trend line formed on the daily chart, which was broken to ignite selling pressure on USDCHF.

[IMG]http://s23.postimg.org/wcgkqyyxn/USDCHF_02_10_2016.png[/IMG]

The USDCHF pair also moved below the 100-day simple moving average, suggesting the fact that sellers are here to stay. The pair is currently trading near the 200-day SMA, and it would be interesting to see whether buyers manage to hold it or not moving ahead.

A break below the 200-day SMA might put a lot of pressure on buyers and could take the pair further down.

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[B][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B]
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