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Forex: USD/CHF plunges to 0.9300

By FXstreet.com,  October 16, 2012, 02:45:00 AM EDT

FXstreet.com (Barcelona) - The downside was stalled at 0.9320 first in early Asian session, and after some sidelined movement, the USD/CHF has recently engaged in a plunging scene to touch the 0.9300 psychological level. Technical trading stopped further downside, for now.

The economic calendar will have the Italian trade balance at 08:00 GMT and the German ZEW survey at 09:00 GMT, as well as EMU data: CPI inflation report, trade balance data and the economic sentiment update. The pair is now edging lower on the day, at 0.9308.

"Technical indicators have neutralized and should support at 0.9304/0.9290 give way we would allow for losses to the 0.9240/0.9290 low", wrote Commerzbank analyst Karen Jones, pointing to 0.9520 and 0.9600/35 in case of a close above 0.9438.




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:



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