Forex: USD/CHF eases to 0.9204/05 after Swiss data

The USD/CHF has eased slightly following the release of Swiss data during European trading Tuesday. After initially trading as high as 0.9216 (session high) the cross now settles marginally lower at 0.9204/05, clinging to a tepid gain of +0.02% at the time of writing.

According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., “The USD/CHF holds a positive tone, as a break above the 0.9200 barrier (50% of 0.9387/0.9020 descent) signals a resumption of the recovery rally from 0.9020. Positive near-term studies also support this notion with the initial upside barrier at 0.9247.”

In Switzerland, the Consumer Price Index (YoY) came in at -0.3% in January, which was in line with consensus expectations. Moreover, the Consumer Price Index (MoM) reported a figure of -0.3% in January, also matching estimates.

Drvenica points to means of resistance at 0.9247 onto 0.9273, and finally 0.9300. Conversely, a prolonged plunge below the 0.9200 handle will trigger supportive measures at 0.9178 and eventually 0.9150.