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Forex: USD/CHF recovers the mark of 0.9115/17

By FXstreet.com,  January 02, 2013, 04:53:00 AM EDT

FXstreet.com (Barcelona) - Following a disastrous tumble into the nether region below the 0.9100 level (0.9077 intraday minimum), the USD/CHF staged a modest recovery movement, retaking the 0.9100 level and moving towards the area of 0.9115/17 at the time of writing.

In Germany, the Markit Manufacturing PMI came in at only 46.0 in December, against consensus expectations of 46.3. Meanwhile in the EMU, the Markit Manufacturing PMI yielded a result of 46.1 in the month of December, relative to estimates of 46.3. Later today at 13:00 GMT a host of economic data is scheduled for release in Germany.

In these moments, the pair is still entrenched in negative territory, incurring a loss of -0.37% Wednesday. After falling below initial support at 0.9132, Mataf.net analysts point to additional corrective means at 0.9117 onto 0.9101. On the ascension, resistances will trigger if the pair rises to 0.9163, then 0.9179, and ultimately 0.9194.




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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