![\"USD\/CHF](\"http:\/\/i.imgur.com\/anOKl5U.png\")
<\/p>\nU.S. Consumer Confidence reached a 6-year high, rising to 82.3 from an expected 78.7; while U.S. new homes sales missed the expectations coming in at 440K versus the forecast of 447K.<\/p>\n
After promising gains during the European session, USD\/CHF advance stopped at 0.8852, around the current pivot zone which extends up to 0.8868.<\/p>\n
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Technical analysis<\/b><\/p>\n
The bullish swing from last week doesn\u2019t necessarily mark the end of the bearish trend on USD\/CHF, at least not without further confirmations. The current pivot area offered strong support in February, and it\u2019s providing equally strong resistance now. A bearish trendline from January-February adds to the current resistance, as does the 200 simple moving average on the 4H timeframe and possibly the 31.8% Fibonacci retracement between 0.9155-0.8698. Furthermore, observing only the large swings, USD\/CHF has yet to make a higher swing high in the current downtrend.<\/p>\n
A rally above the 0.8852-0.8868 pivot area will invalidate the high-low configuration of this downtrend, increasing the chances for further USD\/CHF gains towards 0.8980, with 0.8927 being a possible intermediary stop.<\/p>\n
Failure to break above the pivot area can lead to additional choppy price action between 0.8870 and 0.8780, until this period of uncertainty passes.<\/p>\n
********* <\/p>\n <\/p>\n <\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" U.S. Consumer Confidence reached a 6-year high, rising to 82.3 from an expected 78.7; while U.S. new homes sales missed the expectations coming in at 440K versus the forecast of 447K. After promising gains during the European session, USD\/CHF advance stopped at 0.8852, around the current pivot zone which extends up to 0.8868. Technical analysis … <\/p>\n
\nPrepared by Alexandru Z., Chief Technical Strategist at <\/i>Capital Trust Markets<\/i><\/a><\/p>\n