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29 May 2013
USD/CHF drops to 0.9628/29 on German CPI
A recent USD/CHF recovery was stonewalled at the 0.9660 level earlier, following the release of German economic data, which drove the pair lower.
In Germany, the Consumer Price Index (YoY) grew +1.5% in May, beating expectations of +1.3%. Moreover, the Consumer Price Index (MoM) has also climbed +0.5% in May, exceeding estimates of only +0.2%. Finally, the Harmonized Index of Consumer Prices (YoY) was reported at +1.7% in May, vs. projections of +1.4%.
At the time of writing, the pair is operating at 0.9628/29, notching a sizable decline of -1.45% ahead of US trading. In terms of the technical levels, Mataf.net analysts identify the next short-term supports at 0.9602 and 0.9549 (a previous drop below supports at 0.9675 occurred).
In Germany, the Consumer Price Index (YoY) grew +1.5% in May, beating expectations of +1.3%. Moreover, the Consumer Price Index (MoM) has also climbed +0.5% in May, exceeding estimates of only +0.2%. Finally, the Harmonized Index of Consumer Prices (YoY) was reported at +1.7% in May, vs. projections of +1.4%.
At the time of writing, the pair is operating at 0.9628/29, notching a sizable decline of -1.45% ahead of US trading. In terms of the technical levels, Mataf.net analysts identify the next short-term supports at 0.9602 and 0.9549 (a previous drop below supports at 0.9675 occurred).