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Forex Flash: EUR/USD may rebound near term - Commerzbank

Commerzbank analysts believe there may be a near term rebound ahead of further losses after yesterday's reluctance in breaking below 1.3000 and ‘doji’. “Overhead lies a band of resistance at 1.3293/1.3335. This is the location of the 55 day ma, the previous 3 month uptrend and an accelerated downtrend – while capped here the market will remain directly offered”, wrote analyst Karen Jones.

On the downside, initial target is 1.2679/61 (61.8% retracement of the move up from July 2012 and the November 2012 low), while initial support is this year's low at 1.2998 then 1.2885/76 – the 7th December low and 78.6% retracement.

Switzerland: UBS Consumption Indicator slides to 1.18 in January

The Swiss UBS consumption indicator dropped slightly to 1.18 in January from 1.32 registered the previous month, according to data released today by UBS.
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France Feb Consumer Confidence steadies at 86

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