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23 Apr 2013
Forex: USD/CHF holding gains at 0.9400
FXstreet.com (Barcelona) - The USD/CHF is still holding above the 0.9400 mark (+0.60% on the day) after conquering the area during European time following the disappointing flash manufacturing PMI in Germany. The current daily range is 0.9328/0.9414, both high and low printed in less than 4 hours. US manufacturing and housing data are being published during the NY time and the pair is holding its gains.
The flash Markit manufacturing PMI in the US fell from 54.6 to 52.0 in April, disappointing market consensus that was pointing to 54.0. Having risen 0.6% in January, the US housing price index rose once again in February, increasing the pace to 0.7%, according to the Office of Federal Reserve Housing Enterprise Oversight. Ahead comes more housing and manufacturing data: new home sales and Richmond Fed manufacturing.
The Swiss trade surplus eased slightly from 2M (revised from 2.098M) to 1.98M in March, but came in much higher than the 1.151M expected. Investors are happy to see both exports (from 16,145M to 16.948M) and imports (from 14,047M to 15.048M) climbing to higher values.
“Resistance can be found at 0.9442. Hourly supports can be found at 0.9303 (22/04/2013 low) and 0.9277 (19/04/2013 low)”, wrote MIG Bank analysts Bijoy Kar and Luc Luyet, favoring a minimum move towards the resistance at 0.9972 (24/07/2012 high) in the longer term.
The flash Markit manufacturing PMI in the US fell from 54.6 to 52.0 in April, disappointing market consensus that was pointing to 54.0. Having risen 0.6% in January, the US housing price index rose once again in February, increasing the pace to 0.7%, according to the Office of Federal Reserve Housing Enterprise Oversight. Ahead comes more housing and manufacturing data: new home sales and Richmond Fed manufacturing.
The Swiss trade surplus eased slightly from 2M (revised from 2.098M) to 1.98M in March, but came in much higher than the 1.151M expected. Investors are happy to see both exports (from 16,145M to 16.948M) and imports (from 14,047M to 15.048M) climbing to higher values.
“Resistance can be found at 0.9442. Hourly supports can be found at 0.9303 (22/04/2013 low) and 0.9277 (19/04/2013 low)”, wrote MIG Bank analysts Bijoy Kar and Luc Luyet, favoring a minimum move towards the resistance at 0.9972 (24/07/2012 high) in the longer term.