Forex: USD/CHF quiet after going as low as 0.9255
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USD/CHF
FXstreet.com (Barcelona) - The USDCHF printed its weekly low at 0.9255 just after the US close and bounced back to 0.9275 zone for the Asian session, where it still trades ahead of Europe. The economic calendar is providing new fundamental releases.
The Switzerland UBS Consumption Indicator rose from 1.04 (revised from 1.07) to 1.31 in October. German import prices eased in October from 1.8% to 1.5%, despite the monthly improvement by +0.6%. Consumer confidence in France remained unchanged at 84, instead of easing to 83 in November.
"The USDCHF didn't close below 0.9280/64 (78.6% retracement and the 2012 support line), with following support at 0.9215 October low. "Coupled this with a TD perfection on the daily chart and we suspect this break lower will not be sustained (this suggests that the market has an increased likelihood of recovery in this vicinity)", wrote Commerzbank analyst Karen Jones.
The Switzerland UBS Consumption Indicator rose from 1.04 (revised from 1.07) to 1.31 in October. German import prices eased in October from 1.8% to 1.5%, despite the monthly improvement by +0.6%. Consumer confidence in France remained unchanged at 84, instead of easing to 83 in November.
"The USDCHF didn't close below 0.9280/64 (78.6% retracement and the 2012 support line), with following support at 0.9215 October low. "Coupled this with a TD perfection on the daily chart and we suspect this break lower will not be sustained (this suggests that the market has an increased likelihood of recovery in this vicinity)", wrote Commerzbank analyst Karen Jones.
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