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Forex: USD/CHF back 0.9400 after spike down on Cyprus earlier

FXstreet.com (Barcelona) - News of a deal being reached between the EU finance ministers, Cyprus and the Troika triggered a spike down to 0.9354, but quickly the USD/CHF got back to just the 0.9400 surrounding area, where it still trades.

The economic calendar little has to provide during the European morning. Italy will publish consumer confidence data in March and Trade Balance non-EU in February.

“The USD/CHF so far dropped to 0.9351, to just below the 38.2% Fibonacci retracement of this year’s rise at 0.9360 which offered support. Should this be fallen through, the 0.9339 February 25 high would be back in play and probably also the 55 day moving average and 50% retracement at 0.9298/95”, wrote Commerzbank analyst Karen Jones, pointing to resistance at the 200 day moving average at 0.9418.

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