FXstreet.com (Barcelona) - The market repeated the downside attempt ahead of the New York session, following the one in early European morning that found support around 0.9290. The second attempt failed there as well. Improving sentiment on Friday is now fading and seeing the USD/CHF retracing its losses as the greenback strengthens. The pair is now flat on the day, at 0.9424.
Meanwhile in Switzerland, the SNB continues to attack the expensive Swiss Franc as culprit for the weakening national economy, but that the Eurozone crisis is the biggest concern for its companies. The EUR/CHF floor at 1.20 will be defended with “utmost determination” and further measures can be taken at any time.
Commerzbank analysts expect the pair to move higher: “Rallies are expected to find initial resistance at 0.9420, the June low and key resistance remains the short term downtrend at 0.9533, while capped here a downside onus will remain”, wrote analyst Karen Jones.
Meanwhile in Switzerland, the SNB continues to attack the expensive Swiss Franc as culprit for the weakening national economy, but that the Eurozone crisis is the biggest concern for its companies. The EUR/CHF floor at 1.20 will be defended with “utmost determination” and further measures can be taken at any time.
Commerzbank analysts expect the pair to move higher: “Rallies are expected to find initial resistance at 0.9420, the June low and key resistance remains the short term downtrend at 0.9533, while capped here a downside onus will remain”, wrote analyst Karen Jones.
