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29 Mar 2013
Forex: USD/CHF testing the 0.9500 level after US consumption spending data
FXstreet.com (Barcelona) - Apart from a brief spark in the USD/CHF, which took the pair to the 0.9513 level (session high), the cross has been testing the 0.9500 level Friday during heavily muted trading. On the heels of US economic data, the cross has continued this sideways path to settle at 0.9492/93, down -0.07%.
The USD/CHF is gradually dropping in response to the slight negativity shown on momentum indicators. The upside move might return during today’s session, as stability above 0.9495 is positive and touching this level is likely before moving back to the upside. Moreover, linear regression indicators are still positive, supporting our expectations.” suggests the ICN.com analyst team.
Briefing the technicals, ICN.com analysts identify corrective measures of support at 0.9495, then 0.9455, and finally the 0.9425 handle. Conversely, resistances for the USD/CHF will initiate at 0.9570 onto 0.9610 and ultimately 0.9655.
In the United States, Core Personal Consumption Expenditure – Prices Index (YoY and MoM) came in at +1.3% in February (vs. +1.3% previously) and +0.1% in February (missing expectations of +0.2%). In addition, Personal Income (MoM) grew +1.1% in February, against a projection of only +0.8% growth. Finally, Personal Spending has climbed +0.3% in the month of February (missing a consensus of +0.6%)
The USD/CHF is gradually dropping in response to the slight negativity shown on momentum indicators. The upside move might return during today’s session, as stability above 0.9495 is positive and touching this level is likely before moving back to the upside. Moreover, linear regression indicators are still positive, supporting our expectations.” suggests the ICN.com analyst team.
Briefing the technicals, ICN.com analysts identify corrective measures of support at 0.9495, then 0.9455, and finally the 0.9425 handle. Conversely, resistances for the USD/CHF will initiate at 0.9570 onto 0.9610 and ultimately 0.9655.
In the United States, Core Personal Consumption Expenditure – Prices Index (YoY and MoM) came in at +1.3% in February (vs. +1.3% previously) and +0.1% in February (missing expectations of +0.2%). In addition, Personal Income (MoM) grew +1.1% in February, against a projection of only +0.8% growth. Finally, Personal Spending has climbed +0.3% in the month of February (missing a consensus of +0.6%)