Forex: USD/CHF trading negatively at 0.9707

FXstreet.com (Barcelona) - Earlier today, the greenback plummeted against the Swiss Franc after the publication of stronger-than-expected economic data in the EMU. The decline of nearly 30 pips has given way to a tepid rebound into the region of 0.9707. Presently, the pair is exhibiting some choppy trends, registering a loss of -0.12% since its opening.

In the EMU, the Trade Balance s.a. yielded a figure of €10.6B in June, crushing estimates of only €5.4B and €6.8B in the previous month. The Trade Balance n.s.a. was reported at €14.9B, an equally impressive feat given the improvement from €7.1B in May.

According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., “yesterday’s upside rejection on approach towards the 0.9800 breakpoint triggered a fresh slide that accelerated losses through the 0.9750/30 supports. There is important support below the level of 0.9700, followed by 0.9655. Corrective actions have so far been capped by a hourly 20-day EMA.”

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