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USD/CHF establishes fresh lows at 0.9700 barrier

FXstreet.com (Barcelona) - The USD/CHF continues to grind lower Wednesday, establishing fresh session lows despite the release of soft German economic data earlier today.

At the time of writing, the USD/CHF is trading negatively at -0.66% off its opening, whilst operating at the 0.9700 barrier. Mataf.net analysts point to supportive means for pair at 0.9675, ahead of 0.9602, and ultimately 0.9549. Conversely, a break above the 0.9801 mark will initiate short-term resistances at 0.9854 and 0.9927.

In Germany, the Unemployment Change (May) came in at 21K, missing expectations of only 5K. In addition, the Unemployment Rate s.a. was held at 6.9%, which matched estimates in May. Moreover, in the EMU, the M3 Money Supply (YoY) grew at +3.3% in April, vs. a projection of +2.9%. Finally, the M3 Money Supply (3M) has also netted a climb of +3.0% in April, relative to expectations of +2.9%.

“The USD/CHF moved sharply to the upside failing our negative expectations of yesterday while it failed to stabilize above 0.9775, whereas it is required to support extending the bullish move. Failing to stabilize above the 0.9775 level doesn’t necessarily end the effect of the bearish harmonic Butterfly Pattern meanwhile the downside move requires trading stably again below 0.9700. Therefore, we prefer to remain intraday neutral today.” notes the ICN.com Technical Analyst Team.

Asian equities record uneven performance Wednesday

For the first time this week it was not the Japanese markets that were whipsawed but that of the Chinese ones. Indeed, market tranquility and stability seemed to overall help lend confidence to markets, preventing any large movements, with a notable exception.
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