Forex: USD/CHF trading at support following EMU data
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USD/CHF
FXstreet.com (Barcelona) - Following a trough that had taken the USDCHF towards the depths of 0.9214 during European trading, the pair was temporarily sustained, as a recovery attempt was halted at 0.9222/24. After the publication of EMU data however, the cross has lost its gains, retreating back towards the 0.9200 level in these moments, down -0.18%.
In the EMU, Consumer Confidence was reported at -23.9 in January, in line with consensus expectations. Moreover, the Business Climate (January) yielded a result of -1.09, missing its estimates of -1.00. Finally, the Economic Sentiment Indicator (January) came in at 89.2, which slightly edged projections calling for 88.2.
In terms of the technical levels, Slobodan Drvenica, an analyst at Windsor Brokers Ltd., points to resistances at 0.9224 onto 0.9240 and finally 0.9253. Conversely, a break in the USDCHF below the 0.9205 level will incur additional supports at 0.9191 followed by 0.9175.
According to Drvenica, "The near-term bears remain in play, as the USDCHF consolidates above 0.9200 handle, following break that plunged to 0.9191 (Fib 138.2% extension of 0.9220/0.9291 upleg). With negative structure dominating on the lower timeframes studies, the downside remains favored."
In the EMU, Consumer Confidence was reported at -23.9 in January, in line with consensus expectations. Moreover, the Business Climate (January) yielded a result of -1.09, missing its estimates of -1.00. Finally, the Economic Sentiment Indicator (January) came in at 89.2, which slightly edged projections calling for 88.2.
In terms of the technical levels, Slobodan Drvenica, an analyst at Windsor Brokers Ltd., points to resistances at 0.9224 onto 0.9240 and finally 0.9253. Conversely, a break in the USDCHF below the 0.9205 level will incur additional supports at 0.9191 followed by 0.9175.
According to Drvenica, "The near-term bears remain in play, as the USDCHF consolidates above 0.9200 handle, following break that plunged to 0.9191 (Fib 138.2% extension of 0.9220/0.9291 upleg). With negative structure dominating on the lower timeframes studies, the downside remains favored."
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