Forex: USD/CHF retesting the 0.9200 level after upbeat ZEW

The USD/CHF has bounced off the 0.9186 region in recent minutes, recovering nearly 15 pips to retest the 0.9200 level at the time of writing Wednesday. As of European trading the pair is still entrenched in negative territory following the recent publication in Switzerland, trading -0.24% below its opening.

According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., “The near-term bulls are losing traction after a failure to sustain gains above the recent range top at 0.9200. Moreover, a subsequent slide below the range floor and initial support at 0.9200 softens the near-term structure.”

In Switzerland, the ZEW Survey – Expectations reported a figure of 10.0 in February, crushing expectations of only 1.0, and marking a significant improvement from -6.9 in the previous month.

Drvenica isolates the supportive means at the 0.9182 handle down to 0.9150 and finally 0.9100. Should the recovery movement continue unabated, an upward thrust above 0.9229 will initiate means of resistance at 0.9256 and 0.9300 (key upside barrier).