USDCHF moves up but with limited gains, January 14 2013


The American dollar was traded higher against the Swiss franc in USDCHF today, but its  gains were limited as market participants were expecting a speech by Federal Reserve Chairman Ben Bernanke, later this day.

During the European morning trade, currency pair USDCHF hit the level 0.9164, the highest level for this session high. Later on it was consolidated at 0.9160, adding 0.27%.

The pair USDCHF was supposed to find support at 0.9142, bottom level from January 11 and resistance at 0.9200, peak from January 2.

Market sentiment found support by hopes that the situation in the euro zone isabout to recover. Earlier today, International Monetary Fund head Christine Lagarde announced that the region’s economy is going to stabilize this year, reiterating remarks by the president of the European Central Bank last week.

At the same time, the Swissie was traded lower against the euro with EURCHF hitting the level 1.2259.

Besides today, official data indicated that industrial production in the euro zone moved down with 0.03% in November, disproving expectations for a 0.1% increase, after a 1% fall in the previous month.

Like this post? Please share to your friends:
ForexZig - Professional forex trading