Forex: USD/CHF testing the 0.9400 level after US data

FXstreet.com (Barcelona) - The USDCHF has lost its grip on the 0.9400 level, establishing a new daily minimum at 0.9391 Tuesday during European trading. Following the release of some upbeat housing data in the United States the pair returned towards opening levels at the 0.9400 region, where it is testing presently.

Until now, "the USDCHF has been trading below the first target at 0.9425 and stability below this level will likely push the pair toward the second target at 0.9365 at 61.8% correction. We expect the extension of the downside move over intraday basis today." warns the technical analyst team at ICN.com.

ICN.com analysts point towards resistive levels at 0.9425, onto 0.9490, and finally 0.9515. Conversely, a break below 0.9365 will lead to supportive means at 0.9325 and 0.9305.

In the United States, Building Permits (MoM) came in at 0.866M in October, compared with a figure of 0.894M in the previous month. In addition, Housing Starts (MoM) yielded a figure of 0.894M in October, compared with a consensus estimate of 0.840M.