Forex: USD/CHF fails to break 0.9500
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USD/CHF
FXstreet.com (Barcelona) - Having climbed overnight to test the psychological 0.9500 mark and figuratively 'stick its head above water', USDCHF has since submerged below having failed to consolidate a move higher.
The move higher came following the late conclusion of the Eurogroup meeting last night with reports citing IMF Chief Lagarde as describing "substantial progress" but no conclusion on the Greek aid decision whilst the ESM's Regling noted that the programme would be ready for a Spanish aid payment in December. Spot is currently trading at 0.9494 ahead of the European open, just below the key level and R1 resistance at 0.9501.
Calendar wise, CPI is the word of the day today. Spanish CPI is due at 08:00 GMT, Swiss Producer and Import Prices is due at 08:15 GMT, Italian and Portuguese CPI falls at 09:00 GMT and UK CPI is due at 09:30 GMT. Later the German and EU ZEW Survey is due at 10:00 GMT.
The Research team at Danske Bank recommend going long at 0.9470 for a target of 0.9580 with a stop at 0.9425. Elsewhere, Asian stocks closed down and futures are indicating a similar open in Europe.
The move higher came following the late conclusion of the Eurogroup meeting last night with reports citing IMF Chief Lagarde as describing "substantial progress" but no conclusion on the Greek aid decision whilst the ESM's Regling noted that the programme would be ready for a Spanish aid payment in December. Spot is currently trading at 0.9494 ahead of the European open, just below the key level and R1 resistance at 0.9501.
Calendar wise, CPI is the word of the day today. Spanish CPI is due at 08:00 GMT, Swiss Producer and Import Prices is due at 08:15 GMT, Italian and Portuguese CPI falls at 09:00 GMT and UK CPI is due at 09:30 GMT. Later the German and EU ZEW Survey is due at 10:00 GMT.
The Research team at Danske Bank recommend going long at 0.9470 for a target of 0.9580 with a stop at 0.9425. Elsewhere, Asian stocks closed down and futures are indicating a similar open in Europe.
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