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Forex: USD/CHF climbs to 0.9250 after testing yesterday’s low

FXstreet.com (Barcelona) - After testing yesterday’s low of 0.9208 as support and printing a new one at 0.9206 during the European morning, the USD/CHF has been climbing the chart and extended its gains to 0.9254.

“I’m hearing that former ECB member Bini Smaghi has been reported to say that the euro needs to find ways to avoid strengthening as Eurozone needs more time to achieve economic growth”, wrote Forexlive.com analyst Mike Paterson. In the week ending at April 12, US mortgage applications rose 4.8%, following a 4.5% improvement in the prior month, according to MBA.

EMU construction output contracted by -0.8% on the month of February, following a wider fall in February of -2.1% (revised from -1.4%). The annualized figure came in at 0.8%, much better than the prior month data at -9.0% (revised from -7.3%). In Switzerland, Expectations by the ZEW survey surprised with a strong rise from 2.3 to 20 in April, beating the consensus of 5.

“The USD/CHF currency pair reached the level of 0.9220, which is a local target inside the third ascending wave. We think, today the price may start a correction to return to the level of 0.9370 and then form a new descending structure to reach the level of 0.9200, thus completing the third wave”, wrote Roboforex.com analyst Igor Sayadov, suggesting a new correction later.

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