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Forex: USD/CHF testing the 0.9300 level after Swiss data

An earlier attempt at the upside at the 0.9316 level was recently stymied by the release of upbeat data in Switzerland, leading to a nearly 15-pip decline in recent moments. Subsequently, the cross has fallen the 0.9300 barrier, testing the region in these moments, and already incurring a loss of -0.16%

According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., “Near-term studies remain positive and see room for a fresh bullish extension, as the price closed above 0.9300 handle yesterday. At this juncture, it keeps near-term targets and key barriers at 0.9381/87 in near-term focus, as break here is required to confirm base at 0.9020 and open way towards 200 day MA at 0.9430.”

In Switzerland, the Employment Level (QoQ) came in at 4.116M in the fourth quarter, exceeding expectations of only 4.107M, though down from 4.122M previously.

Drvenica points to additional supports at 0.9284, onto 0.9256, and finally 0.9230. On the ascension, a break above the 0.9337 resistance will initiate additional means of correction at 0.9348 and 0.9381.

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