FXstreet.com (Barcelona) - With the 0.9300 level tested on Thursday, the USD/CHF bounced back to this week's highs at 0.9362, obtained on Wednesday, and is meaning to extend gains further. At the moment of writing, the pair trades at 0.9355, but has already printed a new weekly high at 0.9368.
Germany import price index disappointed by falling more than expected, from annualized 3.2% to 1.8% in September, instead of the 2.9% consensus. On the month, the indicator contracted by -0.7%, while analysts expected a 0.4% rise. The November consumer confidence there is rising, from 5.9 to 6.3, according to GfK. In France, consumer confidence eased from 85 to 84 in October, as expected.
“We look for a slow recovery, initially to the 200 day ma at 0.9389 and then we should see the market tackle key resistance, which remains 0.9438, the October high”, wrote Commerzbank analyst Karen Jones, expecting the 55-day MA, at 0.9439, to hold the initial test of this key resistance. “The divergence of the daily RSI suggests that the market has lost downside momentum for now. Intraday support lies 0.9288/90”, Jones added.
Germany import price index disappointed by falling more than expected, from annualized 3.2% to 1.8% in September, instead of the 2.9% consensus. On the month, the indicator contracted by -0.7%, while analysts expected a 0.4% rise. The November consumer confidence there is rising, from 5.9 to 6.3, according to GfK. In France, consumer confidence eased from 85 to 84 in October, as expected.
“We look for a slow recovery, initially to the 200 day ma at 0.9389 and then we should see the market tackle key resistance, which remains 0.9438, the October high”, wrote Commerzbank analyst Karen Jones, expecting the 55-day MA, at 0.9439, to hold the initial test of this key resistance. “The divergence of the daily RSI suggests that the market has lost downside momentum for now. Intraday support lies 0.9288/90”, Jones added.
