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Forex: USD/CHF regains 0.9300 ground

FXstreet.com (Barcelona) - The USD/CHF climbed back to 0.9300 ground during the Asian session, retracing Friday’s losses, and its daily up move reached 0.9314 so far. The market has been experiencing strong downside pressure since April, where it lost the 0.9500 handle, and the current low of the trend was printed on Friday, at 0.9266.

The economic calendar is quite empty today. After EMU trade balance data, investors will have to wait for the US morning to see NY empire state manufacturing index, NAHB housing market data and TIC flows. The market is aware of the disappointing release of China GDP data, easing from 7.9% to 7.7% (consensus of 8.0%) in Q1 (YoY), while QoQ data came in at 1.6% (consensus of 1.9%). Also, Chinese urban investment (down from 21.2% to 20.9% vs 21.3% consensus) and industrial production (down from 9.9% to 8.9% vs 10% consensus) in March didn’t help the mood, unlike China retail sales that rose from 12.3% to 12.6%, against expectations of 12.5%.

“Between here (0.9295) and the 61.8% retracement at 0.9230, we should see recovery and initially target the 200 day ma at 0.9404”, wrote Commerzbank analyst Karen Jones, targeting 0.9595/0.9609 January 2012 high and the 61.8% retracement of the move down from the 2012 peak on the medium term, “which is expected to act as the break point to the 200 week ma at 0.9658.

Forex: USD/CAD fails to overtake 1.0200 level

The USD/CAD has been one of Mondays more active movers during European trading, having peaked at a session high of 1.0199 after a failed attempt at the 1.0200 level. However, in recent moments the cross has surrendered some of its gains to trade back towards the 1.0182/88 level, held by resistance. At the time of writing the pair is still operating at +0.42% above its opening.
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