Forex: USD/CHF up to 0.9415 area on US session

FXstreet.com (Barcelona) - Risk taking is getting out of the equation as US stocks open with losses, allowing the USD/CHF to move higher, above the 0.9400 mark to as high as 0.9416. The pair has been shy of returning to the daily high at 0.9436, printed after intense CHF selling during the European morning. The market is up by +0.35%, as of writing.

Economic optimism in the US disappointed the market by easing from 46.2 to 45.1 in May, instead of rising to 47.1 as market consensus.

“The USD/CHF saw a push back over the 200 day moving average yesterday. We look for this to now act as a support for an attempt to next target 0.9499 (24/04/2013 high). Longer-term a rising bias remains, provided the price can be maintained above the 0.9022 low made at the beginning of February”, wrote MIG Bank analysts Bijoy Kar and Luc Luyet.