Forex: USD/CHF one pip away from 0.9500
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USD/CHF
FXstreet.com (Barcelona) - The USDCHF almost reached the 0.9500 mark, getting away by one pip, at 0.9499 high. That price was accomplished ahead of the New York session and US data releases. Then, the market retreated down to 0.9475 in a consolidating mode. As of writing, investors are aiming the 0.9500 level again.
Import prices rose 0.5% on the month to an annualized turn from -0.5% to +0.4% in October. Export prices didn't change on the month, but also switched from -0.5% to +1.4%.
Consumer sentiment in the US is posed to rise in November, with the preliminary report indicating a surprising jump from 82.6 to 84.9, beating the consensus estimate of a rise to 83.0. It's the highest reading since July 2007. Current conditions dropped from 99.1 to 91.3.
The wholesale inventories rose to 1.1% in September, while August data was revised higher from 0.5% to 0.8%. Wholesale sales gone up to 2.0%, instead of the 1.1% expected.
"USDCHF is consolidating - it will shortly encounter its next resistance at .9505, which represents the 38.2% retracement of the move down from July", wrote Commerzbank analyst Karen Jones, expecting dips to remain shallow and favoring further gains. Support is at 0.9380 and 0.9325, while 0.9594 (50% retracement of the move down from July.) and 0.9620 are upside targets.
Import prices rose 0.5% on the month to an annualized turn from -0.5% to +0.4% in October. Export prices didn't change on the month, but also switched from -0.5% to +1.4%.
Consumer sentiment in the US is posed to rise in November, with the preliminary report indicating a surprising jump from 82.6 to 84.9, beating the consensus estimate of a rise to 83.0. It's the highest reading since July 2007. Current conditions dropped from 99.1 to 91.3.
The wholesale inventories rose to 1.1% in September, while August data was revised higher from 0.5% to 0.8%. Wholesale sales gone up to 2.0%, instead of the 1.1% expected.
"USDCHF is consolidating - it will shortly encounter its next resistance at .9505, which represents the 38.2% retracement of the move down from July", wrote Commerzbank analyst Karen Jones, expecting dips to remain shallow and favoring further gains. Support is at 0.9380 and 0.9325, while 0.9594 (50% retracement of the move down from July.) and 0.9620 are upside targets.
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