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Forex: USD/CHF blocked at 0.9450

The USD/CHF upside is being blocked by 0.9450 since mid-European morning and now, as the NY session approaches, the pair is easing, currently to 0.9432 (+0.25% on the day). The pair passed close by the 0.9400 mark earlier in the day before heading higher.

EMU GDP Q4 contracted by -0.6% as expected and the annualized figure dropped further, from -0.6% to 0.9%, also as predicted. Italy's Bersani said today that he's open to talks, including with Berlusconi, targeting political reform in the country.

Ahead is the US ADP employment change and analysts expect 170K added jobs in February, easing January's pace of 192K. Investors will regard this piece of data as a good signal of what will come on Friday's NFP data.

“USD/CHF has broken its key resistance area defined by its declining channel and 0.9389 (18/01/2013 high). A resistance is at 0.9513 (13/11/2012 high)”, wrote MIG Bank analyst Bijoy Kar, pointing to hourly supports at 0.9394 (05/03/2013 low) and 0.9352 (01/03/2013 low).

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