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Forex: USD/CHF testing the 0.9500 level

FXstreet.com (Barcelona) - The USD/CHF has managed to hug the 0.9500 level Tuesday during European trading and the onset of American trading and the release of economic data in the US has proved to be no exception. In these moments, the pair is testing this level, recording a modest +0.05% gain.

The USD/CHF stabilized yesterday with a four-hour closing triggering another upside push that took the pair to close to 0.9495 levels. Breaching 0.9495 and stability above it might extend bullishness, but the stochastic offers negative signals indicating great volatility.” notes the ICN.com analyst team.

According to Research Analyst Gareth Berry at UBS, “We reiterate our bullish stance for the USD/CHF, as the pair bounced sharply yesterday. Despite this move, there still remains scope for a move higher to 0.9567.”

In the United States, the S&P/Case-Shiller Home Prices Indices (YoY) came in at +8.1% in January, against a projected +7.9%. Earlier, Durable Good Orders were reported at +5.7% in the month of February, beating expectations of +3.8%. In addition, Durable Goods Orders ex-Transportation have contracted -0.5% in February, against estimates of +0.5% growth.

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