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Forex: USD/CHF trading positively at 0.9233/35

FXstreet.com (Barcelona) - The USD/CHF has successfully rebounded off the 0.9310 level Wednesday during European trading, helped in part by robust Swiss data. After rising nearly 25 pips, the rally seems to have stalled at 0.9233/35 at the time of writing, whereby recording a +0.10% gain on the day.

According to Gareth Berry, a Research Analyst at UBS, “We maintain our bearish intraday outlook for the USD/CHF as the risk is for extension of weakness, with support at 0.9185 ahead of 0.9150 – resistance is at 0.9340.”

“The USD/CHF is trading around 61.8% correction shown on graph, but Linear Regression Indicator 34 is covering the price movement from above supporting the possibility of extending the bearish move towards 78.6% around 0.9140. Intraday bearishness depends on stability below 0.9295.” notes the ICN.com analyst team.

Earlier today in Switzerland, the ZEW Survey – Expectations came in at 20.0 in April, beating a consensus of 5.0, and compared with a figure of 2.3 previously.

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