Forex: USD/CHF testing the 0.9300 level after German IFO data

The recent USD/CHF recovery was sequestered by the publication of strong German data during European trading Friday, as the pair moved to retest the 0.9300 level. In these moments the cross is trading negatively at 0.9295/00, operating at -0.15% below its opening.

According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., the USD/CHF is slated to face means of calculated support at 0.9280, then 0.9256, and finally 0.9227. On the ascension, a move above 0.9332 will foster additional resistive means at the 0.9345 handle, up to 0.9380.

“With subsequent corrective easing being held above rising 55-day EMA at 0.9280, scope is seen for fresh extension higher and possible test of key near-term pivotal barrier and double-top at 0.9381/87.” suggests Drvenica.

In Germany, the IFO – Business Climate has reported a figure of 107.4 in the month of February, exceeding estimates of only 105.0. Moreover, the IFO – Current Assessment (February) came in at 110.2, which also beat projections calling for only 108.0. Finally, the IFO- Assessment has yielded a figure of 104.6, against estimates of only 101.3.