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Forex: USD/CHF falls to 0.9400 on higher than expected US CPI

FXstreet.com (Barcelona) - The sideways movement at 0.9420/30 range throughout the European session after an earlier drop from the opening price area of 0.9472 came to an end on the release of US CPI data. Higher than expected figures are weighing on the greenback against its counterparts. The USD/CHF fell from 0.9430 down to the 0.9400 psychological level, with a spike reaching 0.9397.

The February CPI data in the US rose by 0.7% instead of the expected 0.5%. The annualized figure improved from 1.6% to 2.0%, also beating the 1.5% consensus. Excluding food and energy data came in as expected, at 0.2% (MoM) and from 1.9% to 2.0% (YoY).

Also out was NY Empire State Building Manufacturing Index down to 9.24 in March, from 10.04 (consensus of 10.0).
UBS analysts are bullish on the USD/CHF: “Initial resistance is at 0.9567, a break above would open
0.9636”, wrote analyst Gareth Berry, pointing to support at 0.9430 ahead of 0.9394.

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