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Forex: USD/CHF testing resistance near 0.9700 barrier

FXstreet.com (Barcelona) - The USD/CHF has catapulted itself higher this week, breaching the 0.9700 barrier and establishing fresh highs Wednesday during European trading at 0.9717. However, this level has recently capped the advance, as the pair is now easing back towards the 0.9700 mark in these moments, checked by resistance.

Consistent with the calculations of the Mataf.net analyst team, an extended USD/CHF rise will meet calculated resistance at 0.9705, onto 0.9766, and finally 0.9858. Alternatively, a paring of recent gains will drive the cross towards supports at 0.9552, then 0.9460, ahead of 0.9399.

According to Karen Jones, an Analyst at Commerzbank, “The USD/CHF has eroded the 200-week moving average at 0.9630. Dips lower are likely to find that last weeks breached trendline at 0.9472 acts as decent support now on any pullbacks and while above here the market will remain immediately structured.”

In Switzerland, Producer and Import Prices (MoM) grew +0.2% in April, beating estimates of only -0.1%. Moreover, Producer and Import Prices (YoY) incurred a fall of only +0.1% in April, against expectations of -0.2%.

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