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Forex: USD/CHF trading negatively at 0.9434/39 after EMU confidence

FXstreet.com (Barcelona) - The USD/CHF has been hampered by risk appetite this afternoon during US trading Wednesday. However, the cross received a slight boost after weak Consumer Confidence was reported in the EMU, lifting the pair off its lows of 0.9423. Despite the minor recovery, the pair is still entrenched in negative territory at 0.9434/39, down -0.42%.

The ICN.com analyst team points to supports at 0.9425, onto 0.9375, and finally 0.9350. Conversely, a paring of recent losses and a subsequent move to the upside will result in USD/CHF testing calculated resistance at 0.9465, ahead of 0.9495, and 0.9515.

According to the ICN.com analyst team, “The USD/CHF dropped below its key support level of the upside move, though remained limited around it linear regression indicator 55. Therefore, we hold on to our positive expectations, however the pair should hold above 0.9495 levels for the negative signals on momentum indicators to be cancelled.”

In the EMU, Consumer Confidence was reported at -23.5 in March, against expectations that called for -23.3, and compared with -23.6 previously.

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