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28 Mar 2013
Forex: USD/CHF back at lows in mid-European morning
FXstreet.com (Barcelona) - Today’s strength was limited below 0.9550 and as the European session opened and headlines coming from Cyprus revealed a successful reopening of the Cypriot banks with capital controls in place, the USD/CHF dropped back down to its lows around 0.9515/20, where it has been finding support since the Asian session.
There were 13K more unemployed people in Germany in March, instead of 4K less as expected. The unemployment rate remained at 6.9%. German retail sales rose 0.4% in February (MoM), beating -0.1% consensus, but annualized data fell from +2.5% to -2.2% (consensus of 0.4%). EMU money supply (YoY) eased from 3.5% to 3.1% in February, beating consensus of 3.3%. Private loans remain at -0.9%, as expected.
PD’s Bersani meeting with Italian President Napolitano will also be eyed by investors as they look for news of a coalition or new elections. Italian economic minister Grilli dismissed rumors of a possible downgrade to Italy.
“Near term target is the 0.9595/0.9609 January 2012 high and the 61.8% retracement of the move down from the 2012 peak, which is expected to act as the break point to the 200 week ma at 0.9680. Longer term target is 0.9972, the 2012 peak”, wrote Commerzbank analyst Karen Jones. “The 200 day ma at 0.9418 offers initial support ahead of the 0.9351 Monday low”, she added.
There were 13K more unemployed people in Germany in March, instead of 4K less as expected. The unemployment rate remained at 6.9%. German retail sales rose 0.4% in February (MoM), beating -0.1% consensus, but annualized data fell from +2.5% to -2.2% (consensus of 0.4%). EMU money supply (YoY) eased from 3.5% to 3.1% in February, beating consensus of 3.3%. Private loans remain at -0.9%, as expected.
PD’s Bersani meeting with Italian President Napolitano will also be eyed by investors as they look for news of a coalition or new elections. Italian economic minister Grilli dismissed rumors of a possible downgrade to Italy.
“Near term target is the 0.9595/0.9609 January 2012 high and the 61.8% retracement of the move down from the 2012 peak, which is expected to act as the break point to the 200 week ma at 0.9680. Longer term target is 0.9972, the 2012 peak”, wrote Commerzbank analyst Karen Jones. “The 200 day ma at 0.9418 offers initial support ahead of the 0.9351 Monday low”, she added.