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Forex: USD/CHF peaks at 0.9512 ahead of European opening

FXstreet.com (Barcelona) - A sudden jump allowed a move from 0.9488 to 0.9512 high, but profit taking pulled the USD/CHF to the psychological level at 0.9500. The market is now trading sideways, around yesterday’s closing price. Risk-off flows on Wednesday, in anticipation to the Cypriot bank reopening, had sent the pair to 0.9553 high. A successful procedure yesterday, with capital controls in place, pulled the market to retrace all those gains.

The economic calendar will have France consumer spending, Italy CPI and Greece retail sales during the European time, and US personal spending and consumer sentiment data over the NY session, but the market will be victim of low volumes on Good Friday.

On the upside, the USD/CHF faces resistance at 0.9548/53 (yesterday and Wednesday highs) ahead of 0.9568 (March-14 high). If the pair fails to hold above 0.9500, yesterday’s low at 0.9466 may keep the market from falling back to 0.9400.

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