Forex: USD/CHF in sight of weekly low at 0.9421
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USD/CHF
FXstreet.com (Barcelona) - USDCHF has declined this morning to post a low at 0.9426. five pips short of the weekly low at 0.9421.
Having made its low just below the daily Fibonacci S1 support at 0.9429, spot has bounced to where it is currently trading at 0.9440, below the daily pivot point at 0.9450. Calendar wise, the European session has seen a raft of economic data. More recently, Italian GDP beat analyst forecasts at -0.2%/-0.5% QoQ and -2.4%/-2.9% YoY. UK Retail Sales however disappointed at 0.6%/1.7% YoY while EU CPI registered in line and GDP beat expectations at -0.1%/-0.2% QoQ and -0.6%/-0.7% YoY.
The Danske research team recommend going long at 0.9450 with a stop at 0.9379 for a target of 0.94545. Elsewhere, European equities are in the red with The DAX down 0.53%, commodities are mixed and critical European yields are stable.
Having made its low just below the daily Fibonacci S1 support at 0.9429, spot has bounced to where it is currently trading at 0.9440, below the daily pivot point at 0.9450. Calendar wise, the European session has seen a raft of economic data. More recently, Italian GDP beat analyst forecasts at -0.2%/-0.5% QoQ and -2.4%/-2.9% YoY. UK Retail Sales however disappointed at 0.6%/1.7% YoY while EU CPI registered in line and GDP beat expectations at -0.1%/-0.2% QoQ and -0.6%/-0.7% YoY.
The Danske research team recommend going long at 0.9450 with a stop at 0.9379 for a target of 0.94545. Elsewhere, European equities are in the red with The DAX down 0.53%, commodities are mixed and critical European yields are stable.
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