Forex: USD/CHF trading at 0.9440/41 after Swiss CPI

An earlier upside attempt by the USD/CHF stalled at 0.9455 (session high) recently during European trading, subsequently causing the pair to surrender some of its losses. On the heels of some Swiss data, which offered little surprises, the pair has continued its descent, though is still trading positively at 0.9440/41 Friday.

The USD/CHF dropped yesterday and is still limited above its linear regression indicator 34, proving the positive outlook that we think will extend during today’s intraday session. Moreover, prolonged stability above the 0.9375 level is positive, while breaching the 0.9495 level might confirm the extension of the upside move.” writes the ICN.com Technical Analyst Team.

In Switzerland, the Consumer Price Index (MoM) has grown +0.3 in February, matching a consensus of +0.3%. In addition, the Consumer Price Index (YoY) has contracted -0.3% in the month of February, in line with expectations of -0.3%.

ICN.com analysts cite the next resistive levels at the 0.9465 level, ahead of 0.9495, and ultimately 0.9515. Conversely, a sustained plunge into negative territory down to the 0.9425 region will initiate support at the 0.9400 barrier ahead of 0.9375.