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Forex: USD/CHF upside stalls at 0.9450

FXstreet.com (Barcelona) - Strong buying of the greenback over the weekend sent the USD/CHF off to a +150-pip jump to 0.9450 area. Higher on the day by around +0.65%, the pair is finding resistance there, while printing a daily high at 0.9456.

Over the Asia session, China's House Price Index rose from 0.8% to 2.1% in February, concerning investors afraid of a housing bubble. New home prices rose in 66/70 cities (from 53 in January) while Existing home prices also rose in 66/70 cities (a decent pickup from 51 in Jan). “Of the seven largest cities we monitor, m/m prices of existing properties accelerated in all but one (most alarming being Beijing +2.2% m/m, followed by Guangzhou and Shanghai). An assortment of price and lending controls has been announced in recent weeks, and today’s report confirms why there has been some urgency in cooling this sector”, wrote TD Securities analysts.

“Minor resistance at the 0.9462 March 1 high is now within reach”, wrote Commerzbank analyst Karen Jones. “Once overcome, recent short term downside pressure should be alleviated. For the 0.9595/0.9609 January 2012 high and the 61.8% retracement of the move down from the 2012 peak to be back in the picture”, she added.

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