Forex: USD/CHF falling as French data is published

Having retraced Friday's rally back to 0.9436 yesterday, the USD/CHF bounced to find stability around 0.9470. As of writing, the market is again pressuring on the downside, at 0.9450 currently.

France nonfarm payrolls fell -0.2% in Q4 2012 (QoQ), following a -0.2% drop in Q3 that was revised from -0.3%. The final reading of French February CPI (EU norm) came in at 0.3% (MoM) and 1.2% (YoY).

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.