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Forex: USD/CHF surrounds 0.9400 ahead of important week in Italy

FXstreet.com (Barcelona) - Pressured during the Asian session, particularly with a spike down to 0.9354 in early Asian session, the USD/CHF regained the level of Friday’s close at 0.9404 eventually and moved as high as 0.9414. The market remains hesitant and surrounds the 0.9400 psychological level.

Expectations are building up in Italy as PD’s Bersani tries to form a government, the Five Star Movement loses some of their domestic support after voting for a PD candidate for President in the Senate, and Berlusconi’s PdL has reportedly been gaining in the polls were there to be early elections. “With the Easter shortened week, we would expect Bersani to announce his decisions by mid-week on forming a government, personally resigning, or capitulating to new elections, or else this may be delayed until next week”, wrote TD Securities analysts.

The Italian Trade Balance non-EU moved from €-2.282B deficit to €0.704M surplus in February. The Italian consumer confidence report shows a decline from 86 to 85.2 in March, above the 85.0 consensus.

“We think today the price may continue forming this wave towards the target at 0.9500. This ascending wave should be considered as a correction towards the previous descending one”, wrote Ro-boforex.com analyst Igor Sayadov, expecting then a new descending movement to reach the level of 0.9250.

Forex: EUR/USD trades below Friday’s close of 1.2991

After erasing early gains up to 1.3048, the new upside attempt during the European session peaked at 1.3019 and then the EUR/USD retraced back to Friday’s close at 1.2991 and is even trading below it. Data in the economic calendar has been delivered and the Eurogroup is still working on the details of the agreement with Cyprus.
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European markets up on Cyprus, Italy pressured by politics

The German DAX 30 (+1.18%), the French CAC 40 (+1.46%) and the Spanish IBEX 35 (+0.90%) are moving higher in reaction to the Eurogroup deal with Cyprus. The Italian FTSE MIB (-0.40%) is pressured by politics in Italy.
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