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Forex: USD/CHF extends upside above 0.9250

By FXstreet.com,  January 09, 2013, 06:36:00 AM EDT

FXstreet.com (Barcelona) - The release of the German industrial production data allowed the market to resume a drop of the EUR (and by consequence, of the Swissy) against the greenback. The USD/CHF upside was blocked by 0.9250 area, while ahead of this latest indicator.

The seasonally adjusted German Industrial Production improved slightly, from -3.0% to -2.9%, in November (YoY). The monthly change disappointed by rising only +0.2%, against the +1.0% market consensus. The USD/CHF took off and is already trading above 0.9260.

"USD/CHF bounced yesterday but remains thus far below its hourly declining trendline. A break of this trendline is needed to suggest further short-term strength", wrote MIG Bank analyst Bijoy Kar, pointing to another resistance at 0.9303 (04/01/2013 high), while supports are at 0.9201 and 0.9174.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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