“The downside move did not fail the upside expectations until now as the pair is stable above the 0.9305 level. We can see that the pattern is now an alternative Bat Pattern where the CD leg extends to 113% of XA leg. The stochastic is trading in oversold areas and that supports the likelihood for the upside move to continue for the rest of the session today and will be further supported with stability above 0.9335.” writes the technical analyst team at ICN.com.
In the United States, the Producer Price Index (YoY) has grown at a rate of +2.1% in September, against a consensus projection of +1.8%. In addition, the Producer Price Index (MoM) yielded a figure of +1.1% in September, beating expectations of only +0.7%. The Producer Price Index ex food & energy (MoM) also reported a result of +0.0% in September, which missed its estimates of +0.2%. Finally, the Producer Price Index (YoY) came in at +2.3% in September, which also was below its projections of +2.5%.
From a technical perspective, the USD/CHF has notched a loss of -0.35 % below its opening. The technical analyst team at ICN.com cites the next supports at 0.9305, followed by 0.9280 and 0.9260. An upward movement or retracement will ultimately trigger the onset of resistances at 0.9335, then 0.9355, and finally 0.9370.