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11 Feb 2013
Forex: USD/CHF looks at downside
With the USD/CHF upside stopped at 0.9200 on Thursday, the market has been mostly sideways just below. As of writing, the market is attempting at breaking the supportive area of 0.9165/70 that has been holding the pair up there quite well.
The economic calendar is very light and volumes are low, with Asia out of the game and the rest at half pace. France published its December Industrial Output at +0.1% (MoM), instead of the -0.2% expected. Output had risen 0.5% in the prior month.
“Intraday rallies are likely to now find that 0.9206/17 offers nearby resistance (minor Fibonacci retracement and 55 day ma) and we may see a slight pull back from here”, wrote Commerzbank analyst Karen Jones, pointing to near term support at 0.9115 and 0.9065.
The economic calendar is very light and volumes are low, with Asia out of the game and the rest at half pace. France published its December Industrial Output at +0.1% (MoM), instead of the -0.2% expected. Output had risen 0.5% in the prior month.
“Intraday rallies are likely to now find that 0.9206/17 offers nearby resistance (minor Fibonacci retracement and 55 day ma) and we may see a slight pull back from here”, wrote Commerzbank analyst Karen Jones, pointing to near term support at 0.9115 and 0.9065.