FXstreet.com (Barcelona) - The USD/CHF retraced its European morning gains at 0.9280 on the Eurogroup meeting start, but the market is currently at a bounce, at 0.9290, as the German consumer confidence for December by GfK gets digested. Data disappointed by easing from 6.1 (revised from 6.3) to 5.9, instead of indicating 6.2 as expected. The Italian consumer confidence in November also disappointed, falling from 86.4 to 84.8, instead of improving to 86.5 as expected.

Employment in Switzerland rose from 4.072M to 4.122M quarterly in Q3, beating the consensus estimate of 4.088M.

“Fresh bearish extension through psychological 0.9300 support and weekly close below here, keep bears in play for full retracement of 0.9213/0.9511 rally. Loss of the last support at 0.9275, confirms bearish stance”, wrote Winsdor Brokers analyst Slobodan Drvenica,