Key drivers included declines in apparel (-0.4%), new vehicles (-0.3%), airfares (-2.7%), and hotel rates (-0.1%). Core services slowed to +0.2%, while owners’ equivalent rent remained at +0.3%. Real weekly earnings rose 0.3%.
Technically, the USDCHF is under pressure as price moves decisively below the 100 and 200-hour moving averages, currently between 0.8208 and 0.8213. The bearish bias strengthens while the pair remains below this dynamic resistance zone. On the downside,the pair moved briefly below a swing area floor between 0.8191 and 0.8212, but could not sustain downside momentum. The price is back between that swing area as the traders battle it out.
Key levels to watch:
Support: 0.8191, then 0.8169 (swing low from Wednesday and Thursday), 0.8155 (low from last week)
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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