Forex: USD/CHF testing the 0.9600 level
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USD/CHF
FXstreet.com (Barcelona) - The USDCHF has scaled backwards this morning during European trading, on the heels of the most recent retail data publication out of Spain. Investors are eying the Jackson Hole meeting later today, and any risk-off movement will clearly breathe life into the pair. Presently, the pair is testing its grip on the 0.9600 level, netting a modest decline of -0.04% on the day.
In Spain, Retail Sales (YoY) contracted at a rate of -7.3% in July, against a figure of only -5.2% in the previous month. Moreover, earlier in the session Germany reported similarly disappointing data when Retail Sales (MoM and YoY) fell -0.9% in July (against consensus estimates of +0.2%) and -1.0% (vs. expectations of +0.4%) respectively.
In terms of the technical perspective, the analyst team at Mataf.net calculates the pair's next supports at 0.9564, then 0.9531, and finally 0.9505. Conversely, the USDCHF will meet calculated resistance at 0.9623, 0.9649, and ultimately 0.9682
In Spain, Retail Sales (YoY) contracted at a rate of -7.3% in July, against a figure of only -5.2% in the previous month. Moreover, earlier in the session Germany reported similarly disappointing data when Retail Sales (MoM and YoY) fell -0.9% in July (against consensus estimates of +0.2%) and -1.0% (vs. expectations of +0.4%) respectively.
In terms of the technical perspective, the analyst team at Mataf.net calculates the pair's next supports at 0.9564, then 0.9531, and finally 0.9505. Conversely, the USDCHF will meet calculated resistance at 0.9623, 0.9649, and ultimately 0.9682
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