Tuesday, 22 November 2011

Forex: USD/CHF rebounds after US data

Tue, Nov 22 2011, 14:38 GMT | (Córdoba) – The USD/CHF fell to 0.9107 during the European session, hitting the lowest price since last Friday but rebounded after the release of growth data in the US, that pushed the Dollar to the upside in the market on the back of deterioration in market sentiment. The pair rose to 0.9159, trimming losses.

At the moment, USD/CHF is trading around 0.9140, to the upside immediate resistance levels could be located at 0.9160, 0.9180/85 (daily high) and 0.9210 (Nov 21 high). Support might lie at 0.9125, 0.9105 (daily low) and 0.9080/85 (Nov 18 low / Nov 11 high).

In the US, 3Q GDP was revised down from 2.5% annualized rate to 2.0%. Market analysts had forecast a softer revision to 2.3%.

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