Forex: USD/CHF recovers mark of 0.9379
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USD/CHF
FXstreet.com (Barcelona) - The USDCHF has pared its losses jumped nearly 18 pips off its intraday minimum (0.9361) on the heels of Swiss data during European trading Thursday. While still entrenched in negative territory on the day, the pair has settled in the region of 0.9379, constituting a loss of -0.08%.
In Switzerland, Industrial Production (YoY) fell at a rate of -1.1% in the second quarter, which compares favorably to the previous figures that resulted in a decline of -3.9%.
The USDCHF is being buoyed by its 50-hourly SMA, which is acting as a pseudo-support Thursday. Slobodan Drvenica, an analyst at Windsor Brokers Ltd., calculates the next means of support at 0.9366, 0.9353, and finally 0.9331. On the ascension, a break above 0.9390 will initiate resistances at 0.9400 (key psychological barrier) and 0.9416.
"The near-term price action remains capped by 0.9400 barrier, and 200-day MA, with choppy trading within the narrowed 0.9365/90 range - we see the near-term action in a directionless mode. A loss of the 0.9330 higher base is required to confirm a bearish stance." writes Drvenica.
In Switzerland, Industrial Production (YoY) fell at a rate of -1.1% in the second quarter, which compares favorably to the previous figures that resulted in a decline of -3.9%.
The USDCHF is being buoyed by its 50-hourly SMA, which is acting as a pseudo-support Thursday. Slobodan Drvenica, an analyst at Windsor Brokers Ltd., calculates the next means of support at 0.9366, 0.9353, and finally 0.9331. On the ascension, a break above 0.9390 will initiate resistances at 0.9400 (key psychological barrier) and 0.9416.
"The near-term price action remains capped by 0.9400 barrier, and 200-day MA, with choppy trading within the narrowed 0.9365/90 range - we see the near-term action in a directionless mode. A loss of the 0.9330 higher base is required to confirm a bearish stance." writes Drvenica.
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