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2 Apr 2013
Forex: USD/CHF falls off highs after German CPI data
FXstreet.com (Barcelona) - A recent recovery rally for the USD/CHF was stymied at 0.9575 (session high), easing back towards the 0.9568/70 level in these moments on the heals of economic data out of Germany. The pair is still in positive territory, albeit operating a +0.4% gain Tuesday.
According to the ICN.com analyst team, “The USD/CHF dropped below the 0.9495 level, weakening intraday positivity. Meanwhile, the pair stabilized above 0.9375 and key support of the ascending channel forcing us to hold on to our general positive expectations. We hold onto our expectations as far as areas of 0.9375 remain intact over four-hour basis.”
Mataf.net analysts point to supports at 0.9503, onto the 0.9533 handle, and finally 0.9580. On the decline, a break below the 0.9426 level will initiate resistance at 0.9399 and 0.9349.
In Germany, Consumer Price Index (YoY) rose +1.4% in March, matching expectations of +1.4%. Moreover, the Consumer Price Index (MoM) has yielded +0.5% in March, beating estimates of +0.4%. Finally, the Harmonized Index of Consumer Prices (MoM and YoY) have recorded +0.4% in March (against projections of +0.3%) and +1.8% in March (vs. a consensus of +1.7%) respectively.
According to the ICN.com analyst team, “The USD/CHF dropped below the 0.9495 level, weakening intraday positivity. Meanwhile, the pair stabilized above 0.9375 and key support of the ascending channel forcing us to hold on to our general positive expectations. We hold onto our expectations as far as areas of 0.9375 remain intact over four-hour basis.”
Mataf.net analysts point to supports at 0.9503, onto the 0.9533 handle, and finally 0.9580. On the decline, a break below the 0.9426 level will initiate resistance at 0.9399 and 0.9349.
In Germany, Consumer Price Index (YoY) rose +1.4% in March, matching expectations of +1.4%. Moreover, the Consumer Price Index (MoM) has yielded +0.5% in March, beating estimates of +0.4%. Finally, the Harmonized Index of Consumer Prices (MoM and YoY) have recorded +0.4% in March (against projections of +0.3%) and +1.8% in March (vs. a consensus of +1.7%) respectively.