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Forex pairs in this Article » USD/CHF
FXstreet.com (Barcelona) - The USDCHF is now rallying on the latest EU report. The European Union forecasts unemployment to remain very high, with some countries' domestic demand hurt by the still large (though reducing) internal and external balances and its economic activity significantly diverging.

The EU GDP is expected to contract by 0.3% in the EU and 0.4% in the euro area in 2012, but should growth by 0.4% and 0.1%, respectively, in 2013. The market rally brought the USDCHF already to 0.9463, fully retracing daily losses and edging higher on Wednesday.

"A close above 0.9438 is favored and will imply that the market has based and initiate a deeper recovery to 0.9505 then 0.9594", wrote analyst Karen Jones, expecting that 0.9312 and 0.9215/0.9198 to contain the downside.
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