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Forex: USD/CHF tests resistance at 0.9450

FXstreet.com (Barcelona) - The USD/CHF remains trapped by resistance at 0.9450 area after having rallied on Monday opening from just below 0.9400 to 0.9450. The area at 0.9425 has been serving as support against further retracement of gains and the pair did spike to 0.9486 high in mid-European morning.

The March housing market index by NAHB eased from 46 to 44, contradicting the consensus for a rise to 47.
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.

"Monitor the support implied by the rising trendline (0.9379). A break of this support would call for a deeper correction", wrote MIG Bank analyst Bijoy Kar, pointing to resistances at 0.9478 (intraday high) and 0.9567 (14/03/2013 high).

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