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Forex: USD/CHF approaching 0.9450 zone again

FXstreet.com (Barcelona) - With the 0.9450 zone offering resistance to the upside, the USD/CHF eased as as the European session opened, being hampered by the 0.9420 surrounding area. Out this morning was EMU trade balance data.

The EMU trade surplus eased from €10.3B to €9.0B in January (consensus of €3.4B), with non-seasonal data becoming deficit from €10.8B to €-3.9B, with consensus at €-3.5B.

The economic calendar showed an Italian global trade deficit in January, at €-1.619B, instead of the €2.110B surplus expected following December's €2.105B. Trade within the EU improved from €-1.212B to €0.663B.

UBS analysts are bullish: “While important support at 0.9359 holds, there is potential for resumption of strength, wrote analyst Gareth Berry, pointing to initial resistance at 0.9567 and 0.9636 on a break above.

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