Filed Under:
Forex pairs in this Article » USD/CHF (Barcelona) - The test of support at the psychological level of 0.9400 in early Asian morning gave room to a USDCHF rally to 0.9429 high on Moody's announcement of a rating downgrade to France from Aaa to Aa1, but most of the movement was eventually retraced throughout the session.

Ahead of the German Producer Price Index, the market was pricing in a dark outcome, rising to 0.9423, and despite the softening figure from 1.7% to 1.5% (consensus of 1.7%) in October, the pair plunged anyway, quoting around 0.9410 (200-day MA).

"We will retain our bullish outlook while the currency pair stays above the two month support line at 0.9373 and, more importantly, the 55 day moving average at 0.9370", wrote analyst Axel Rudolph, targeting 0.9620, with 0.9594 (50% retracement of the move down from July) in the middle.
comments powered by Disqus