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14 Feb 2013
Forex: USD/CHF rallies to intraday resistance on French and Germany Q4 recession
The USD/CHF is rallying at the moment of writing, mirroring negatively the EUR/USD chart, as investors realize the "not-so good" economic reality in the Eurozone after the publication of flash GDP figures in France and Germany.
In Germany, economic growth might have eased from 0.4% to 0.1% (YoY), below 0.2% consensus, with a quarterly recession of -0.6% (consensus of -0.5%). The quarterly recession in France was of -0.3%.
Quickly, the USD/CHF rallied by 40 pips, above 0.9180 and past the 0.9200 mark to reach as high as 0.9220, for now.
"Intraday rallies are likely to now find that 0.9210/17 offers nearby resistance (recent high and 55 day ma) and we may see a slight pull back from here", wrote Commerzbank analyst karen Jones, pointing to supports at 0.9150 and 0.9065.
In Germany, economic growth might have eased from 0.4% to 0.1% (YoY), below 0.2% consensus, with a quarterly recession of -0.6% (consensus of -0.5%). The quarterly recession in France was of -0.3%.
Quickly, the USD/CHF rallied by 40 pips, above 0.9180 and past the 0.9200 mark to reach as high as 0.9220, for now.
"Intraday rallies are likely to now find that 0.9210/17 offers nearby resistance (recent high and 55 day ma) and we may see a slight pull back from here", wrote Commerzbank analyst karen Jones, pointing to supports at 0.9150 and 0.9065.