Forex: USD/CHF extends after German data
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USD/CHF
FXstreet.com (Barcelona) - The release of the last piece of data of the European session and trading day triggered a push higher of the greenback as markets trade cautiously on Monday. The USDCHF rallied from 0.9340 to 0.9358 high, breaching above the previous daily high at 0.9345. The German Industrial Production, down by -0.5% (MoM) in August, but not as low as the expected -0.8%. The annualized figure rose from -1.4% to -0.8%, against declining consensus to -1.5%.
The EMU Sentix Investor Confidence improved in October, but less than expected, from -23.2 to -22.2 (consensus of -20.8). Earlier, Germany saw its trade surplus widening and exports rising its pace in August. In Switzerland, the monthly and annualized CPI came in as expected, at +0.3% (from +0.3%) and -0.4% (from -0.5%) in September, as expected.
"We will maintain a slightly negative bias while capped by the 0.9421 downtrend", wrote Commerzbank analyst Karen Jones, pointing to 0.9606/35 if the market pushes higher above resistance.
The EMU Sentix Investor Confidence improved in October, but less than expected, from -23.2 to -22.2 (consensus of -20.8). Earlier, Germany saw its trade surplus widening and exports rising its pace in August. In Switzerland, the monthly and annualized CPI came in as expected, at +0.3% (from +0.3%) and -0.4% (from -0.5%) in September, as expected.
"We will maintain a slightly negative bias while capped by the 0.9421 downtrend", wrote Commerzbank analyst Karen Jones, pointing to 0.9606/35 if the market pushes higher above resistance.
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