Back
19 Apr 2013
Forex: USD/CHF down back to 0.9300 ground
FXstreet.com (Barcelona) - The USD/CHF spent the last hours of the NY session climbing from 0.9290 to peak at 0.9332 high and spent the Asian session retracing that move, coming to as low as 0.9302 just ahead of the European opening.
German PPI fell -0.2% (consensus of 0.0%) and annualized data eased from 1.2% to 0.4% (consensus of 0.7%). The Italian Presidential election is still ongoing. Ahead is EMU current account data, expected to widen its surplus from €14.8 to €15.0 in February, Italy industrial sales and Spain trade balance.
“It remains capped near term by the 55 day moving average at 0.9350. This needs to be overcome in order to negate a sell off to 0.9140, the 78.6% retracement of the move up from February”, wrote Commerzbank analyst Karen Jones.
German PPI fell -0.2% (consensus of 0.0%) and annualized data eased from 1.2% to 0.4% (consensus of 0.7%). The Italian Presidential election is still ongoing. Ahead is EMU current account data, expected to widen its surplus from €14.8 to €15.0 in February, Italy industrial sales and Spain trade balance.
“It remains capped near term by the 55 day moving average at 0.9350. This needs to be overcome in order to negate a sell off to 0.9140, the 78.6% retracement of the move up from February”, wrote Commerzbank analyst Karen Jones.