Forex: USD/CHF rises to 0.9176/79 after Swiss data

FXstreet.com (Barcelona) - The USDCHF has rallied off of a daily low of 0.9128 to trade positively and net a sizable advance of +0.37% above its opening. After the unveiling of some weak Swiss data, the pair is trading at 0.9176/79 during European trading in these moments.

In Switzerland, the Consumer Price Index (MoM) was reported at -0.2% in December, against consensus estimates of 0.0%. Moreover, the Consumer Price Index (YoY) fell -0.4% in the month of December, missing expectations of -0.2%.

According to the Ace Trader Team, "Yesterday's selloff confirms the correction from last Wednesdays' 8-month low of 0.9076, which has indeed ended at 0.9302 last Friday - downside bias is seen for a resumption of MT downtrend from 2012 July's high of 0.9972 to re-test said support, below which would encourage for further weakness to 0.9043 (May 11' low), however psychological support at 0.9000 is likely."

Briefing the technical levels, the technical team at AceTrader.com calculates the next resistances to trigger at 0.9204 (January 7 high), onto 0.9251, and ultimately 0.9278. Should the pair be sapped of momentum, the USDCHF is slated to face short-term calculated support at 0.9105, then 0.9076, and finally 0.9043.