Forex: USD/CHF trading negatively at 0.9545/46

FXstreet.com (Barcelona) - The USD/CHF has traded off its European highs of 0.9550 Tuesday, engaging in sideways trading recently following an absence of market drivers. Indeed, the cross has found itself stumbling to the tune of a -0.34% loss in these moments, unable to get any prolonged recovery going despite recently trading at 0.9545/46.

According to the Mataf.net analyst team, the USD/CHF will encounter its next short-term supports at 0.9503, followed by 0.9478, and 0.9431. On the ascension, the pair is slated to face resistance at 0.9575, then 0.9622, and ultimately 0.9647.

“The USD/CHF downside move yesterday remained limited above key resistance level of the descending channel and above 50% correction at 0.9495. Therefore, the possibility of positivity is still valid and Linear Regression Indicators support our expectations. So long as the 0.9425 areas hold intraday, overbought signals on momentum indicators will be ignored.” notes the ICN.com Technical Analyst Team.

On the data front, in Italy, the Consumer Price Index (YoY and MoM) yielded a figure of +1.4% in April (beating estimates of only +1.2%) and +0.4% in April (vs. a consensus of +0.1%) respectively.