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Forex: USD/CHF up to 0.9250 on EMU Q4 recession

By FXstreet.com,  January 09, 2013, 05:34:00 AM EDT

FXstreet.com (Barcelona) - The USD/CHF is counting gains on Wednesday after a 20-pip rise to 0.9250 area as the market traded ahead of the release of GDP Q4 in the Eurozone. Actual data confirmed the -0.1% quarterly recession.

Also published was Greece industrial production, down from +3.5% to -2.9% in November (YoY), and the Italian Q3 Public Deficit/GDP, easing from 2.4% (revised from 2.8%) to 1.8%. German industrial production is due at 11:00 GMT, and a monthly growth of 1.0% is expected in November.

Interim support at 0.9190 (50% retracement of the move up from the 0.9076 low) leaves the USD/CHF well placed to challenge the 0.9286/0.9303 resistance again (double Fibonacci retracement, 6 month downtrend and Fridays high): "This is key short term resistance, a close above here would target initially the 200 day ma at 0.9431", 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

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