Forex: USD/CHF flat as EMU CPI and employment come in
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USD/CHF
FXstreet.com (Barcelona) - The drop to new 7-month lows at 0.9210, printed during the Asian session, was fully retraced and saw a spike to 0.9247 high before flattening on the day at 0.9238. Switzerland has been quiet in terms of news, but the preliminary Makit PMI figures released in the Eurozone countries concerned investors as the EMU and German manufacturing industry disappoint.
The EMU CPI inflation report is out and indicating an annualized drop from 2.5% to 2.2% in December, as expected. The core figure eased unexpectedly from 1.5% to 1.4%. Employment change in the Eurozone remained at -0.7% in Q3 (YoY), while the quarterly change disappointed by contracting -0.2%.
"Bearish tone dominates on near-term, as well as larger picture studies, with bounces higher on oversold conditions, seen as corrective", wrote Windsor Brokers analyst Slobodan Drvenica, pointing to initial resistance at 0.9241 (12 Dec low), ahead of 0.9273 (yesterday's high).
The EMU CPI inflation report is out and indicating an annualized drop from 2.5% to 2.2% in December, as expected. The core figure eased unexpectedly from 1.5% to 1.4%. Employment change in the Eurozone remained at -0.7% in Q3 (YoY), while the quarterly change disappointed by contracting -0.2%.
"Bearish tone dominates on near-term, as well as larger picture studies, with bounces higher on oversold conditions, seen as corrective", wrote Windsor Brokers analyst Slobodan Drvenica, pointing to initial resistance at 0.9241 (12 Dec low), ahead of 0.9273 (yesterday's high).
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