Forex: USD/CHF capped by 0.9300 after Swiss GDP
Forex pairs in this Article »
USD/CHF
FXstreet.com (Barcelona) - The weaker sentiment seen this week allowed the upside to 0.9341 high, but Republican House of Rep speaker Boehner's statements triggered a "risk on" reaction that led the pair back below the 0.9300 mark. The market tested the psychological level as resistance during Asian hours, coming to as high as 0.9304 ahead of the Switzerland GDP report.
The Swiss GDP grew by 0.6% quarterly, beating the 0.2% growth consensus, and extending the annualized growth from 0.3% (revised from 0.5%) to 1.4% in Q3. Analysts were expecting 0.9%.
"We favor further recovery - we consider that the market has based recently just ahead of the 0.9215 October low", wrote Commerzbank analyst Karen Jones, pointing to initial resistance from the 55 and 200 day moving averages at 0.9353 and 0.9415.
The Swiss GDP grew by 0.6% quarterly, beating the 0.2% growth consensus, and extending the annualized growth from 0.3% (revised from 0.5%) to 1.4% in Q3. Analysts were expecting 0.9%.
"We favor further recovery - we consider that the market has based recently just ahead of the 0.9215 October low", wrote Commerzbank analyst Karen Jones, pointing to initial resistance from the 55 and 200 day moving averages at 0.9353 and 0.9415.
Free Annual Reports
