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USD/CHF retreats 0.9700 barrier

FXstreet.com (Barcelona) - The USD/CHF has moved off session highs during Euroopean trading that had taken the pair past the 0.9700 barrier (0.9707) Tuesday – in these moments the cross has returned to opening levels at 0.9671/73.

Technically speaking, Mataf.net analysts point to resistive means for the USD/CHF at 0.9725, onto 0.9755, and ultimately 0.9793. Conversely, a break below the 0.9657 handle will initiate resistance at 0.9619 and 0.9589.

Earlier today in Germany, the Producer Price Index (YoY) came in at +0.1% in April, missing estimates of +0.2%. In addition, the Producer Price Index (MoM) yielded a decline of -0.2%, which exceeded expectations of a -0.1% decline.

According to the ICN.com Technical Analyst Team, “The bearish harmonic Butterfly Pattern’s affect managed to delay the upside move, however the linear regression indicators tends to be positive. We prefer to remain neutral whereas we need confirmation signals in order to prefer one of the technical analysis referred to.”

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