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6 May 2013
Forex: USD/CHF moving higher, above 0.9350
FXstreet.com (Barcelona) - After a quick drop to 0.9339 low, the USD/CHF held at 0.9350, and now that the market prepares for the European session, the pair is climbing the chart and adding gains. As of writing, the cross is at 0.9364 high.
In regard to PMI services data in euro countries, most should see slight improvement except for Germany (consensus of a drop from 50.9 to 49.2). The EMU figure is expected to rise from 46.4 to 46.6 and the EMU Composite PMI to stay unchanged at 46.5. Eurozone retail sales is expected to drop by -0.1%, with YoY data easing from -1.4% to -1.9%.
“Rallies still need to regain the 0.9369/93 pivot (November and January highs as well as the 200- and 55-day moving averages) to alleviate immediate downside pressure and re-target the 0.9489 ten month downtrend”, wrote Commerzbank analyst Karen Jones, seeing support at 0.9252.
In regard to PMI services data in euro countries, most should see slight improvement except for Germany (consensus of a drop from 50.9 to 49.2). The EMU figure is expected to rise from 46.4 to 46.6 and the EMU Composite PMI to stay unchanged at 46.5. Eurozone retail sales is expected to drop by -0.1%, with YoY data easing from -1.4% to -1.9%.
“Rallies still need to regain the 0.9369/93 pivot (November and January highs as well as the 200- and 55-day moving averages) to alleviate immediate downside pressure and re-target the 0.9489 ten month downtrend”, wrote Commerzbank analyst Karen Jones, seeing support at 0.9252.