Forex: USD/CHF fully retraces losses on US rally
Forex pairs in this Article »
USD/CHF
FXstreet.com (Barcelona) - The early European plunge to 0.9246 low was retraced during that morning and then the greenback became increasingly stronger as the US personal spending data approached, being able to print a daily high at 0.9292.
Personal consumption expenditures in the US came in lower than expected (1.7% vs 1.8% consensus) in October (YoY), while the monthly change also disappointed (+0.1% vs +0.2% consensus). Personal spending contracted -0.2% in October, from +0.8% in the previous month. Ahead comes the Chicago PMI in November.
"Negative outlook keeps key level and breakpoint at 0.9213 in near-term focus, as extension below here would signal an end of 10-week consolidative phase and open 0.9100 zone for test", wrote Windsor Brokers analyst Slobodan Drvenica, ponting to initial support at 0.9289 ahead of 0.9339 (28 Nov recovery peak / 55 day EMA) to provide temporary relief.
Personal consumption expenditures in the US came in lower than expected (1.7% vs 1.8% consensus) in October (YoY), while the monthly change also disappointed (+0.1% vs +0.2% consensus). Personal spending contracted -0.2% in October, from +0.8% in the previous month. Ahead comes the Chicago PMI in November.
"Negative outlook keeps key level and breakpoint at 0.9213 in near-term focus, as extension below here would signal an end of 10-week consolidative phase and open 0.9100 zone for test", wrote Windsor Brokers analyst Slobodan Drvenica, ponting to initial support at 0.9289 ahead of 0.9339 (28 Nov recovery peak / 55 day EMA) to provide temporary relief.
Free Annual Reports
