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28 Feb 2013
Forex: USD/CHF rises to 0.9330/40 resistance
The USD/CHF has been sistematically finding resistance at 0.9330/40 since January 21, and seems to be at a new attempt of breaking above. The pair regained the 0.9300 ground once the US GDP and jobless claims figure were released, keeping the upside steady. Good news coming from the US Chicago PMI allowed a move to 0.9329 high, for now.
The US Chicago PMI was expected to ease from 55.6 to 54.3 in February, but actual data surprised investors by increasing the expansionary pace to 56.8.
Earlier, the US annualized GDP Q4 drop was even worse than the expected, from 3.1% to 0.5%, as actual data pointed to 0.1%. However, the quarterly figure moved higher than expected, by 0.9% instead of 0.6%. Also on the bright side were the falling initial jobless claims, from 366K to 344K (consensus of 360K) and continuing claims, from 3.165M to 3.074M (consensus of 3.160M).
“The USD/CHF currency pair is consolidating near its maximums. I think today the price may reach the level of 0.9300, fall down to break the level of 0.9270, and then grow up again to reach the target at 0.9340”, wrote Roboforex.com analyst Igor Sayadov, pointing then to a possible reversal pattern for a new descending movement.
The US Chicago PMI was expected to ease from 55.6 to 54.3 in February, but actual data surprised investors by increasing the expansionary pace to 56.8.
Earlier, the US annualized GDP Q4 drop was even worse than the expected, from 3.1% to 0.5%, as actual data pointed to 0.1%. However, the quarterly figure moved higher than expected, by 0.9% instead of 0.6%. Also on the bright side were the falling initial jobless claims, from 366K to 344K (consensus of 360K) and continuing claims, from 3.165M to 3.074M (consensus of 3.160M).
“The USD/CHF currency pair is consolidating near its maximums. I think today the price may reach the level of 0.9300, fall down to break the level of 0.9270, and then grow up again to reach the target at 0.9340”, wrote Roboforex.com analyst Igor Sayadov, pointing then to a possible reversal pattern for a new descending movement.