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4 Mar 2013
Forex: USD/CHF rises to 0.9335/40 after Eurozone PPI
The USD/CHF has edged higher during European trading Monday, as uneven data across the EMU has breathed life into the pair. With the pair firmly entrenched in positive territory, up +0.13% in these moments, the cross has found itself stabilizing in the 0.9335/40 region.
In the EMU, Sentix Investor Confidence reported a figure of -10.6 in March, against expectations of only -5.2. In addition, Producer Price Index (MoM) grew +0.6% in January, against a consensus of +0.5%. Finally, the Producer Price Index (YoY) has climbed +1.9% in January, in line with projections.
Slobodan Drvenica, an analyst at Windsor Brokers Ltd., points to resistances for the USD/CHF at 0.9440, then 0.9461, and finally 0.9495. On the decline, a break below 0.9414 support will usher in the propensity for corrective means at 0.9400 and 0.9385.
“The near-term bulls remain in play, as the USD/CHF continues to advance higher. The clearance of the 0.9385/0.9400 barriers, as well as cracking 200-day MA at 0.9430, suggests potential for fresh extension towards next targets and significant resistances at 0.9500 zone.” Drvenica notes.
In the EMU, Sentix Investor Confidence reported a figure of -10.6 in March, against expectations of only -5.2. In addition, Producer Price Index (MoM) grew +0.6% in January, against a consensus of +0.5%. Finally, the Producer Price Index (YoY) has climbed +1.9% in January, in line with projections.
Slobodan Drvenica, an analyst at Windsor Brokers Ltd., points to resistances for the USD/CHF at 0.9440, then 0.9461, and finally 0.9495. On the decline, a break below 0.9414 support will usher in the propensity for corrective means at 0.9400 and 0.9385.
“The near-term bulls remain in play, as the USD/CHF continues to advance higher. The clearance of the 0.9385/0.9400 barriers, as well as cracking 200-day MA at 0.9430, suggests potential for fresh extension towards next targets and significant resistances at 0.9500 zone.” Drvenica notes.