Forex: USD/CHF consolidates gains ahead of Germany manufacturing PMI

Lack of consensus by key key members on extending US QE revealed by the FOMC meeting minutes triggered a jump in the USD/CHF, followed by a steady upside throughout the Asian session that peaked at the 0.9300 level.

The market is currently consolidating the move, as it trades ahead of Markit PMI data in the Eurozone. The preliminary release for February figures should reveal a return of Germany to expansionary pace (from 49.8 to 50.5) in manufacturing.

Resistance is seen by Commerzbank analysts at 0.9324 (channel) and 0.9390 December high: “The market needs to clear 0.9390 on a closing basis to restore an upside bias longer term. This resistance is reinforced by the .9352 55 week MA”, wrote analyst Karen Jones.