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Forex: USD/CHF correcting yesterday’s tumble, at 0.9430

FXstreet.com (Barcelona) - The USD/CHF is rising, now at 0.9430 high, ahead of the European opening and after Switzerland foreign currency reserves data that points to an extension from 430B (revised from 427.7B) to 438.3B in March, beating consensus of 427.0B. The pair is correcting from yesterday’s wide drop, from 0.9526 high to 0.9382 low.

Ahead in the economic calendar are EMU GDP and retail sales, Italy public deficit/GDP and German factory orders. “German factory orders for Feb are expected to lift +1.1% after a choppy few months. Most of the volatility recently has been in foreign orders, so that’s where the bulk of any rebound will come from”, wrote TD Securities analysts.

“Intraday rallies will find resistance at 0.9415/55 and while capped here will remain directly offered”, wrote Commerzbank analyst Karen Jones. “Medium term we remain positive and target the 0.9595/0.9609 January 2012 high and the 61.8% retracement of the move down from the 2012 peak, which is expected to act as the break point to the 200 week ma at 0.9680”, she continued, pointing to longer term target at 0.9972, the 2012 peak.

Switzerland Foreign Currency Reserves (Mar): 438.3B vs 430B (Feb)

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