USD/CHF Fundamental Analysis Jan. 17, 2012, Forecast
Economic Events:
08:30 USD NY Empire State Manufacturing Index 10.50 9.50
The Empire State Manufacturing Index rates the relative level of general business conditions New York state. A level above 0.0 indicates improving conditions, below indicates worsening conditions. The reading is compiled from a survey of about 200 manufacturers in New York state. The USD has been building up steam and if these results meet or exceed expectations, we might just see the USD rally against the Sterling and other currencies. Watch these results in the morning.A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.
Analysis and Recommendations:
Support and Resistance levels for tomorrows at S: 0.9526 0.9534 0.9538
R: 0.955 0.9558 0.9562
The USD/CHF began the day lower as Switzerland PPI came in better than expected, the pair traded higher during the Asian session reaching as high as 0.9562, but they reached as low as 0.9525 after the data was released. The US markets were closed today and will not have a chance until tomorrows session to react to the continued downgrades of the EFSF and Moody’s warning on France. There is very little in the way of economic news on Tuesday except the Empire Index listed above. The Dollar is looking for a reason to rally. Watch carefully.
Originally posted here
