USD/CHF: Daily Technical Analysis for May 9, 2014

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The European Central Bank Press Conference sent the USD/CHF high during U.S trading session after European Central Bank President Mario Draghi hinted that monetary authorities would be okay with implementing fresh stimulus measures in June.


The Swiss Franc dropped after Draghi said the ECB governing council is comfortable with acting at its next meeting in June, after the bank has published fresh forecasts for inflation and growth.


Technically intraday bias remains on the upside as a fresh cross of 21 and 55EMA’s emerged after the fundamental announcement on the 1hour charts. RSI, MACD and Stochastic oscillators also show sign of bearish continuation in the pair.


Price was able to breach 0.87994 (weekly central pivot point) and more demand to 0.88293 (weekly resistance 1) is expected as the week’s trading session ends tomorrow.

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