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Forex pairs in this Article » EUR/USD, USD/CHF
FXstreet.com (Barcelona) - In reaction to the flash EMU GDP Q4 release, and as the CHF remains quite pegged to the EUR, the USDCHF is running to the opposite direction of the EURUSD. The pair had already breached above the 0.9200 mark earlier in the European morning and is now rallying as EMU economic growth came in worse than expected in the preliminary report.

Recession in the Eurozone has gone from -0.6% to -0.9% in Q4 (YoY), instead of the expected -0.7%, according to the preliminary report, pointing also to the quarterly contraction of -0.6% (consensus of -0.4%).

"Near-term tone is slightly aligned towards the upside, following attempts at range tops, however, sustained break above 0.9200 and regain of Fibonacci barrier at 0.9247, is required to confirm bullish resumption and open way for fresh extension towards 0.9300", wrote Windsor Brokers analyst Slobodan Drvenica, pointing to 0.9150 support guarding 0.9100.
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