Forex: USD/CHF up to 0.9250 on EMU Q4 recession
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USD/CHF
FXstreet.com (Barcelona) - The USDCHF is counting gains on Wednesday after a 20-pip rise to 0.9250 area as the market traded ahead of the release of GDP Q3 in the Eurozone. Actual data confirmed the -0.1% quarterly recession.
Also published was Greece industrial production, down from +3.5% to -2.9% in November (YoY), and the Italian Q3 Public Deficit/GDP, easing from 2.4% (revised from 2.8%) to 1.8%. German industrial production is due at 11:00 GMT, and a monthly growth of 1.0% is expected in November.
Interim support at 0.9190 (50% retracement of the move up from the 0.9076 low) leaves the USDCHF well placed to challenge the 0.9286/0.9303 resistance again (double Fibonacci retracement, 6 month downtrend and Fridays high): "This is key short term resistance, a close above here would target initially the 200 day ma at 0.9431", wrote Commerzbank analyst Karen Jones.
Also published was Greece industrial production, down from +3.5% to -2.9% in November (YoY), and the Italian Q3 Public Deficit/GDP, easing from 2.4% (revised from 2.8%) to 1.8%. German industrial production is due at 11:00 GMT, and a monthly growth of 1.0% is expected in November.
Interim support at 0.9190 (50% retracement of the move up from the 0.9076 low) leaves the USDCHF well placed to challenge the 0.9286/0.9303 resistance again (double Fibonacci retracement, 6 month downtrend and Fridays high): "This is key short term resistance, a close above here would target initially the 200 day ma at 0.9431", wrote Commerzbank analyst Karen Jones.
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