Forex: USD/CHF calm at 0.9318 ahead of SNB’s Zurbrugg speech

FXstreet.com (Barcelona) - The USD/CHF rose to 0.9332 ahead of the European opening, only to retrace back to 0.9318 and risking a move back to the daily low at 0.9309. SNB board member Zurbrugg will be speaking at 09:00 GMT. Ahead of that, investors will be eyeing both Spain and France bond auctions.

In China, FDI rose 1.44% (from -1.35%) in March (YoY), but came in below the expected 1.90%. What pleased investors the most was China house price index: “New home prices rose in 68/70 cities (54 in Dec) while Existing home prices rose in 66/70 cities (46 in Dec). Of the seven largest cities, prices of existing properties accelerated, such as +2.6%/mth in Shanghai, +3.1%/mth in Beijing and +2.3%/mth in Shenzhen. Early signals for April is that top tier city home sales have fallen after property loan/price controls were established in selected provinces, while second tier city home sales remain healthy”, wrote TD Securities analyst Annette Beacher.

“The USD/CHF has held steady at 0.9200 and bounced again to the 55 day moving average at 0.9345. This needs to be overcome in order to negate a sell off to 0.9140, the 78.6% retracement of the move up from February”, wrote Commerzbank analyst Karen Jones.