Forex Flash: USD/CHF at 0.9450 after Swiss and German data
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USD/CHF
FXstreet.com (Barcelona) - The USDCHF was lifted high enough to reach 0.9465 during the Asian session before plunging away, retracing all gains and finding a low at 0.9444 just ahead of the Swiss unemployment rate.
The unemployment rate in Switzerland rose from 2.8% to 2.9% as expected in October, and with a little help of the German trade data, the USDCHF regressed to 0.9450 levels. The German trade balance for September narrowed less than expected, with the surplus easing from ¬18.1B to ¬17.0B as exports (-2.5%) contract more than imports (-1.6%). Both more gloomier than expected.
"Technical indicators are positive, MACD is above zero, we have a buy signal on the DMI and Sloe Stochastics are positive. We look for a deeper recovery to 0.9505 then 0.9594", wrote Commerzbank analyst Karen Jones, expecting 0.9380 and 0.9325 to hold against dips lower.
The unemployment rate in Switzerland rose from 2.8% to 2.9% as expected in October, and with a little help of the German trade data, the USDCHF regressed to 0.9450 levels. The German trade balance for September narrowed less than expected, with the surplus easing from ¬18.1B to ¬17.0B as exports (-2.5%) contract more than imports (-1.6%). Both more gloomier than expected.
"Technical indicators are positive, MACD is above zero, we have a buy signal on the DMI and Sloe Stochastics are positive. We look for a deeper recovery to 0.9505 then 0.9594", wrote Commerzbank analyst Karen Jones, expecting 0.9380 and 0.9325 to hold against dips lower.
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