Forex: USD/CHF stronger and held by 0.9300

FXstreet.com (Barcelona) - Despite the spikes to 0.9322 high on the European opening, the USDCHF is pretty much sidelined to the 0.9300 psychological level, although trying to stay above it. As of writing, the market trades at 0.9305 (+0.11%).

The release of EMU PMI and current account data triggered the retracement from its daily highs. The Markit manufacturing flash PMI for the Eurozone is out, up from 46.1 to 47.5 (consensus of 46.8) in January, with the Composite figure climbing from 47.2 to 48.2 (consensus of 47.5), in its way to recovery.

The German manufacturing flash PMI in January was also upbeat, from 46.0 to 48.8 (consensus of 46.8). The Services figure accelerated its expansionary pace, from 52 to 55.3.

The seasonally adjusted current account surplus came in wider than expected, from ¬11B to ¬14.8B in November (consensus of ¬7.0B).

"Scope is seen for attempt towards 0.9350 breakpoint, previous highs and Fib 61.8%, to confirm base at 0.9280/70 zone and re-focus 0.9387 and 0.9400", wrote Windsor Brokers analyst Slobodan Drvenica, pointing to support at 0.9300 and 0.9283.