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Forex: USD/CHF rises to 0.9323/25 after Eurogroup statement

FXstreet.com (Barcelona) - The USD/CHF briefly fell below the 0.9310 level during US trading before surging upwards after the data release in the United States. In these moments, the cross has built on its solid gains earlier today, having secured a gain of +0.16% and operating at 0.9323/25.

In the United States, Retail Sales (MoM) contracted -0.4% in March, compared with estimated of zero change. Meanwhile, the Producer Price Index (MoM) yielded a figure of 0.2% in March, against expectations of 0.2%. Retail Sales ex autos (MoM) also fell -0.4% in March, missing a projected 0.0% change.

ICN.com analysts posit the next corrective means of resistance at 0.9335, then 0.9360, and finally 0.9380. Regarding a paring of gains, supports for the USD/CHF will trigger should the pair reach 0.9270, onto 0.9230, and finally the 0.9205 handle.

Eurogroup Finance Ministers have recently released a statement on Cyprus, “noting with satisfaction that the Cypriot authorities have implemented decisive bank resolution, restructuring and recapitalization measures to address the fragile and unique situation of Cyprus' financial sector. The Eurogroup also commends the authorities for their demonstrated resolve in implementing these important measures in a tight timeframe and reiterates its appreciation for the efforts made by the Cypriot citizens over the last weeks.”

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