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Forex: USD/CHF off lows after German, BoJ and Swiss data

FXstreet.com (Barcelona) - The USD/CHF is stuck under a narrow range and trading lower on Friday, but has rebounded from its lows towards the opening price once German import prices data and BoJ outlook reports were published. The pair rose from 0.9424 low to 0.9446. The market is quiet at 0.9436 after Switzerland KOF leading indicator that rose from 1 (revised higher from 0.99) to 1.02 in April, beating 0.98 consensus.

German import prices report was already published, at -0.1% (MoM) and -2.3% (YoY), less contracting than the expected -0.2% and -2.4%, respectively. French consumer confidence remains unchanged at 84.

The central bank announced a unanimous vote to “conduct money market operations so that the monetary base will increase at an annual pace of about 60-70 trillion yen” in order to double the monetary base in 2 years, the pair accelerated the downside to 98.23 low.

Commerzbank analysts believe the USD/CHF is consolidating ahead of further gains: “We target 0.9595/0.9609 January 2012 high and the 61.8% retracement of the move down from the 2012 peak, which is expected to act as the break point to the 200 week ma at 0.9650”, wrote analyst Karen Jones, pointing to near term support at 0.9410 and 0.9387.

Switzerland Apr KOF Leading Indicator increase to 1.02 vs 1 in Mar

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