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Forex: EUR/USD testing 1.2900 level after GDP in EMU

FXstreet.com (Barcelona) - The EUR/USD has been in focus today, given its unsavory weakness that has left it trading at early April lows. Indeed, the single currency has found itself facing short-term headwinds, with the pair now trading at 1.2900/01 on the heels of economic data in the European Monetary Union.

In the EMU, Gross Domestic Product s.a. (YoY) fell at a rate of -1.0% in Q1, exceeding expectations of -0.9%. Moreover, Gross Domestic Product n.s.a. (QoQ) has yielded a figure of -0.2%, vs. a projection of -0.1%.

Following a movement of -0.14% off its opening, the EUR/USD will encounter the following short-term supports at 1.2892, then 1.2844, and finally 1.2775. Conversely, the pair is slated to face resistance at 1.3009, then 1.3007, and eventually 1.3126.

According to the ICN.com Analyst Team, “The EUR/USD settled below 1.2970 for the first time since April 2013 with a long bearish candle and that might extend the downside move to test the ascending key support around 1.2855, a break of which might extend the bearish move towards the bottom at 1.2744. Trading below 1.3030 is negative, though the pair has to stabilize below 1.2970 to preserve the bearish outlook.”

EU 1Q Gross Domestic Product s.a. (QoQ): -0.2% vs -0.6% (4Q)

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Forex: USD/CHF held at 0.9700 on downtrodden Swiss ZEW

The USD/CHF has remained sideways at the 0.9700 level, a key upside mark that has stubbornly halted a prolonged advance for the pair Wednesday. The plot thickened during European trading as weak economic data trickled out of the EMU and Switzerland, though this has effectively failed to break the pair out of a recent consolidation.
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