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Forex: USD/CHF establishing fresh highs at 0.9477/79

FXstreet.com (Barcelona) - The USD/CHF has trended higher Thursday on account of the deteriorating situation in Cyprus and the state of affairs erupting there presently. During US trading, the pair is establishing fresh daily maximums at 0.9477/79 in these moments, advancing steadfastly at +0.35%.

According to Gareth Berry, a Research Analyst at UBS, “We remain technically bullish on the USD/CHF and while the important support at 0.9359 holds, there is potential for a retest of strength. Initial resistance is at 0.9495, while a break above would open 0.9567.”

In the United States, In the United States, Initial Jobless Claims (March 17) came in at 336K, against expectations of 342K, and compared with 334K previously. In addition, Continuing Jobless Claims (March 10) were reported at 3.053M, exceeding estimates of 3.050M, and relative to 3.024M previously. Finally, the Housing Price Index (MoM) yielded a result of +0.6% in January, vs. a consensus of +0.7%.

Elsewhere, currencies are suffering from risk aversion given the ultimatum and pressure applied by the ECB to Cyprus, which has certainly seen a palpable effect Thursday.

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