Forex: USD/CHF at lows after German IFO
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USD/CHF
FXstreet.com (Barcelona) - After the fall below the 0.9300 psychological level to as low as 0.9266, the USDCHF has been trading mostly sidelined at 0.9275/80. The release of the German IFO survey for January didn't trigger a move right away, but the pair is now attempting at extending losses below 0.9266.
All three criteria came in higher than expected, with bussiness climate rising from 102.4 to 104.2 (consensus of 103.0), current assessment rising from 107.1 to 108.0 (consensus of 107.2), expectations improving from 97.9 to 100.5 (consensus of 99.0).
"Quick reversal and penetration of 0.9270, signals that consolidative phase may be over, as the price also broke below 4h 55 day EMA and fresh weakness towards 0.9250 and 0.9200, Fib 50% / 61.8% of 0.9109/0.9387, would be the likely near-term scenario", wrote Windsor Brokers analyst Slobodan Drvenica, seeing any bounce as corrective and resistance at 0.9323 to cap for now.
All three criteria came in higher than expected, with bussiness climate rising from 102.4 to 104.2 (consensus of 103.0), current assessment rising from 107.1 to 108.0 (consensus of 107.2), expectations improving from 97.9 to 100.5 (consensus of 99.0).
"Quick reversal and penetration of 0.9270, signals that consolidative phase may be over, as the price also broke below 4h 55 day EMA and fresh weakness towards 0.9250 and 0.9200, Fib 50% / 61.8% of 0.9109/0.9387, would be the likely near-term scenario", wrote Windsor Brokers analyst Slobodan Drvenica, seeing any bounce as corrective and resistance at 0.9323 to cap for now.
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