Forex Trading: USD/CHF Moves Back Toward The Closing Level From Yesterday

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Forex Trading: USD/CHF Moves Back Toward The Closing Level From Yesterday

By Greg Michalowski on December 30, 2008 | More Posts By Greg Michalowski | Forex News By FXDD

The USD/CHF has moved higher in early NY trade, back toward the closing level of yesterday (1.0621). The high so far has been 1.0636,but the price has since moved back down below the 1.0621 level. A move back above the level should solicit more short covering. A target would be the 100 hour moving average which comes in at the 1.0716 level.

Overnight, the UBS Consumption Index was released and came out weaker than expected. The reading came out at 0.96 for the month from 1.30 in October. The Swiss economy is being effected by decreased exports and a declining stock market (down 36% for the year). The Swiss NationaL Bank expects the economy to contract by 0.5 to 1% in 2009.

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