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27 Feb 2013
Forex: USD/CHF above 0.9300 after Swiss data
The USD/CHF has restored its sideways movement around the psychological level of 0.9300, still incapable of moving higher though. On the upside, the pair could only go as high as 0.9339 in February. For now, the market is quoting just above the handle, but with daily losses since the opening price was printed at 0.9319.
Switzerland UBS consumption indicator dropped from 1.32 (revised from 1.34) to 1.18 in January, while KOF Leading Indicator eased from 1.12 (revised from 1.05) to 1.03 in February, still above the 1.00 consensus.
French consumer confidence stayed unchanged at 86 in February, as expected.
“The market needs to clear 0.9390 on a closing basis to restore an upside bias longer term. This resistance is reinforced by the 0.9357 55 week ma”, wrote Commerzbank analyst Karen Jones, pointing then to a break towards 0.9513, the November 2012 high.
Switzerland UBS consumption indicator dropped from 1.32 (revised from 1.34) to 1.18 in January, while KOF Leading Indicator eased from 1.12 (revised from 1.05) to 1.03 in February, still above the 1.00 consensus.
French consumer confidence stayed unchanged at 86 in February, as expected.
“The market needs to clear 0.9390 on a closing basis to restore an upside bias longer term. This resistance is reinforced by the 0.9357 55 week ma”, wrote Commerzbank analyst Karen Jones, pointing then to a break towards 0.9513, the November 2012 high.