Forex: USD/CHF tries to retrace losses

The USD/CHF weakened during the Asian session to as low as 0.9286 and, from there, the pair has been moving mostly sideways mixed with some attempts at going back above 0.9300. Since the release of German GDP data, the market made two attempts of that nature.

German GDP figures confirmed the -0.6% quarterly contraction in Q4. Next in line is German IFO survey, Italian CPI, consumer confidence and retail sales. But the main course of the European morning is European Commission Growth Forecast figures at 10:00 GMT.

Commerzbank analysts expect a move higher today: “While this may hold the initial test, we would expect dips lower to now be relatively tepid, we have a near term support line at 0.9180 and while above here we remain bid”, wrote analyst Karen Jones, pointing to key resistance and short term target at the 0.9390 December high.