USD/CHF Pares Losses and Inches Upwards

The USD/CHF has pared daily losses during an early European trading, NASDAQ reported on 18 September, 2012. The currency pair eventually recovered to make a small gain, settling at 0.9277. At this juncture, the pair is operating at a rate of +0.02 per cent above its opening. According to traders, the pair was likely to find support at 0.9200, the low of May 8 and resistance at 0.9324, the high of May 13.

The recent USD/CHF move upwards was partly supported by recent survey data released earlier today by German analysts. The ZEW Indicator of Economic Sentiment, a monthly German survey reflecting the difference between the share of analysts that are optimistic and the share of analysts that are pessimistic for the expected economic development in Germany in six months, reported a figure of minus 18.2 in September. The data showed a better-than-expected improvement from a reading of minus 25.5 the previous month. Analysts had expected the index to improve to minus 19 in September.