Forex: USD/CHF falls further on Wednesday

By FXstreet.com,  October 10, 2012, 10:59:00 AM EDT

FXstreet.com (Barcelona) - The greenback is losing weight in the NY session after the release of the Wholesale Inventories data, in line with consensus at 0.5% in August, but slowing its growth pace seen in July, at 0.6%. Wholesale sales improved more than expected, by +0.9% instead of the +0.5% consensus.

After a first rally to 0.9432 high, the USD/CHF has been declining steadily throughout Wednesday's sessions and has fallen recently to its current daily low of 0.9378, -0.39% lower on the day ( GMT ). The market is now allowing a small retracement from the extended decline.

"With positive near-term studies, upside remains in focus, however, gains may be interrupted by corrective easing on overbought hourly studies, with ideal reversal seen at 0.9370 zone", wrote Windsor Brokers analyst Slobodan Drvenica.




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

Referenced Stocks: GMT



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