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Forex pairs in this Article » USD/CHF (Barcelona) - The USDCHF went to as low as 0.9276 after a first "risk-off" rally to 0.9329 high on European opening flows. The market seems currently stalled at this 20-pip range of 0.9276/96 ahead of US existing home sales, Chicago Fed national activity, and Richmond Fed manufacturing figures.

The Spanish trade deficit has narrowed from ¬-1.5B to ¬-1.4B in December, coming to its minimum over 2012. Taking in account it has started in ¬-2.7B (January) and reached its wider figure at ¬-4.5B in February, it's good news for the Spanish government.

Much better than expected was January German economic sentiment (from 6.9 to 31.5, out of a 12.0 consensus) and EMU economic sentiment (from 7.6 to 31.2, out of a 14.1 consensus) in the ZEW survey. Also released was the German current assessment, up from 5.7 to 7.1 (consensus of 6.0). "However, this just essentially makes up for the way that the index was lagging markets in the second half of 2012", wrote TD Securities analysts.

"Hourly indicators show negative readings, as price holds below 20 day EMA, with immediate risk seen on a break below 0.9300/0.9280, range floor / 55 day EMA that would signal completion of H&S pattern, shown on 4-h chart and open way for further easing towards 0.9250/00", wrote Windsor Brokers analyst Slobodan Drvenica, pointing to 0.9387 and 0.9400 in case of a break of 0.9350.
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