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13 Mar 2013
Forex: USD/CHF rallies towards 0.9500 on US data
The USD/CHF rallied on better than expected US retail sales, from 0.9450/60 area and currently just below 0.9500. Retail sales in the US rose 1.1% in February, surprising the 0.5% expectations. January data was revised higher, from 0.1% to 0.2%. Ex-auto data surprised at 1.0%, beating 0.5% consensus, and saw the January figure being revised higher, from 0.2% to 0.4%.
US import prices beat consensus at 1.1% in February, instead of the 0.5% expected, and increased the pace from January's 0.6%, with annualized data rebounding from -1.3% to -0.3%. Export prices rose from 0.3% to 0.8%, beating 0.3% consensus, with annualized data rising from 1.1% to 1.5%.
UBS analysts are bullish: “As long as support at 0.9394 holds, watch for a closing cross higher in momentum tools to signal resumption of strength”, wrote analyst Gareth Berry, pointing to resistance at 0.9552.
US import prices beat consensus at 1.1% in February, instead of the 0.5% expected, and increased the pace from January's 0.6%, with annualized data rebounding from -1.3% to -0.3%. Export prices rose from 0.3% to 0.8%, beating 0.3% consensus, with annualized data rising from 1.1% to 1.5%.
UBS analysts are bullish: “As long as support at 0.9394 holds, watch for a closing cross higher in momentum tools to signal resumption of strength”, wrote analyst Gareth Berry, pointing to resistance at 0.9552.