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Forex: USD/CHF bounces from 0.9157 low, eyes 0.9200

The USD/CHF was trading sideways at 0.9170/0.9200 range since failing to breach the 0.9200 mark on Thursday. In today's European session, the pair found reason to fall from its highs and post a daily low at 0.9157 before bouncing back for what looks like a new attempt at 0.9200.

The economic calendar is very light and volumes are low, with Asia out of the game and the rest at half pace. France published its December Industrial Output at +0.1% (MoM), instead of the -0.2% expected. Output had risen 0.5% in the prior month.

The Portuguese Global Trade deficit narrowed from €-2.796B to €-2.58B in December. As of writing, the market trades at 0.9190.

“Hourly studies are lacking momentum, despite being in the positive territory, however, more supportive 4h structure, sees scope for eventual attempt through 0.9200, also daily Ichimoku cloud base, with close above here, seen as initial signal for stronger correction that was indicated by a triple Doji and subsequent bounce”, wrote Windsor Brokers analyst Slobodan Drvenica.

Forex Flash: EUR up, GBP down based on IMM and fundamentals – UBS

According to Research Analyst Geoffrey Yu at UBS, “We continue to see the current market as one purely driven by positioning, though policymaker opinions are catalysts for reversals of some short-term extremes, either for longs or shorts. In addition, we note the extremes sometimes need not only be measured by the size of the positions, but also the speed at which they were accumulated.”
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