Forex: USD/CHF lifting from 0.9400

By FXstreet.com,  October 10, 2012, 05:18:00 AM EDT

FXstreet.com (Barcelona) - The USD/CHF tested the 0.9400 psychological level as support after the decline seen ahead of the European opening and having reached 0.9432 high in mid-Asian session.

The market is now lifting the pair back up, but it is still edging lower on the day, by -0.08% ( GMT ), and will be while below 0.9420. Industrial production in France, Italy and Greece surprised the market by improving in August, by +1.5% (MoM) in France, by +1.7% (MoM) and from -7.2% to -5.2% (YoY) in Italy, and from -4% to +2% (YoY) in Greece.

"Ideally we would like to see a close above here (0.9399/.9400) to confirm the break, but with technical indicators also turning more positive we are prepared to just go with the break", wrote Commerzbank analyst Karen Jones.




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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