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Forex: USD/CHF kept below 0.9275 and approaches 0.9250 low

FXstreet.com (Barcelona) - The USD/CHF failed to hold the 0.9300 handle, with a high at 0.9326 on the European session, and the pair fell to 0.9250 low before the NY opening. For now, such line has been holding as support, but a bouncing movement has been limited below 0.9275. As of writing, the market is moving back to its lows.

Industrial production in the US rose more than expected, by 0.4% in March when analysts were pointing to 0.2% as the consensus prediction. February data was revised higher from 0.7% to 0.8%. Capacity utilization rose from 78.3% (revised from 79.6%) to 78.5% in March, beating consensus of 78.4%.

Earlier, US CPI came in lower than expected, dropping from 2.0% to 1.9% instead of remaining unchanged in March, with a monthly drop of -0.2% instead of 0.0%. US housing starts beat consensus of 0.930M by rising from 0.939M to 1.036M in March, while building permits eased from 0.968M to 0.902M, with consensus at 0.940M.

The Consumer Price Index in the Eurozone came in line with expectations, at 1.2% (MoM) and 1.7% (YoY) in March, while Core data rose from 1.3% to 1.5%, beating 1.4% consensus. The ZEW survey showed a decline in EMU economic sentiment, from 33.4 to 23.9 in April. In Germany, economic sentiment disappointed the market, falling from 48.5 to 36.3, below the expected 42.0. Current situation wasn’t good either, dropping from 13.6 to 9.2, below 12.0 consensus.

MIG Bank analysts suggest that the rise from July 2012 has made its top at 1.3711: “Key resistances are at 1.3162 (28/02/2013 high) and 1.3319 (25/02/2013 high). Key supports are at 1.2662 (13/11/2012 low) and 1.2043 (24/07/2012 low)”, wrote analyst Bijoy Kar.

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