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Forex: USD/CHF cruises to session highs at 0.9318/21

FXstreet.com (Barcelona) - The USD/CHF is presently establishing fresh session highs Friday of 0.9318/21 during European trading. The move has spanned over 30 pips recently and has the pair operating at +0.11% above its opening.

Briefing the technicals, the Mataf.net technical analyst team identifies resistances at 0.9334, onto 0.9366, and finally 0.9394. Conversely, a break below 0.9274 will initiate supportive measures at 0.9246 and 0.9214.

“The USD/CHF is clearly affected by the Double Top Pattern and by breaking the ascending channel starting from bottom 0.9000 and ending in the top 0.9566. The pair is currently around 50% correction at 0.9295, as stability below it indicates further correction towards 61.8% at 0.9230 at least. Therefore, we will hold on to our negative expectations as long as the pair stable intraday below 0.9360 levels today.” suggests the ICN.com analyst team.

In Spain, the Consumer Price Index (YoY) has climbed +2.4% in March, matching consensus estimates. Moreover, the Consumer Price Index (MoM) has climbed +0.4%, beating expectations of only +0.3%.

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