Forex: USD/CHF trading at support after EMU Industrial Production data

The USD/CHF has spent the morning trending wildly after a plummet to a session low of 0.9430 Wednesday. However, shortly after, the pair recovered nicely, retracing its losses to edge higher back towards 0.9462/63, following the publication of economic data in the EMU. At this juncture the pair is still incurring a decline of -0.12% off its opening.

“The negative bias extended yesterday in response to negativity on momentum indicators, however the USD/CHF remained limited above 0.9375 levels that are considered a trend interval. Therefore, we hold on to our positive expectations today – consolidating above 0.9495 further supports our outlook.” recommends the ICN.com Analyst Team.

In the EMU, Industrial Production w.d.a. (YoY) has fallen only -1.3% in the month of January, against expectations calling for -2.2%. In addition, Industrial Production s.a. (MoM) was reported at -0.4% in January, missing a consensus of -0.1%.

According to the ICN.com analysts, the USD/CHF will encounter means of support at 0.9465, ahead of 0.9425, and finally the 0.9400 barrier. On the upside, a break above 0.9495 will usher in resistive measures at 0.9515 and 0.9570.