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USD/CHF drops to 0.9628/29 on German CPI

A recent USD/CHF recovery was stonewalled at the 0.9660 level earlier, following the release of German economic data, which drove the pair lower.

In Germany, the Consumer Price Index (YoY) grew +1.5% in May, beating expectations of +1.3%. Moreover, the Consumer Price Index (MoM) has also climbed +0.5% in May, exceeding estimates of only +0.2%. Finally, the Harmonized Index of Consumer Prices (YoY) was reported at +1.7% in May, vs. projections of +1.4%.

At the time of writing, the pair is operating at 0.9628/29, notching a sizable decline of -1.45% ahead of US trading. In terms of the technical levels, Mataf.net analysts identify the next short-term supports at 0.9602 and 0.9549 (a previous drop below supports at 0.9675 occurred).

Session Recap: USD weakens broadly

The main feature of Wednesday's session was USD broad weakness. The dollar lost over 1% versus the yen and the franc. The greenback also gave up ground against the euro and the pound and to a lesser extent versus commodity currencies. With traders still looking for an explanation, many analysts point to profit taking into the month end.
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EUR/USD around 1.2950 after German CPI

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