Forex: USD/CHF retracing losses on the US session

The USD/CHF is bouncing back from the European morning losses to as low as 0.9232 as the pair already trades at 0.9286. Still, the market is lower on the day, and below the 0.9300 surrounding area that was holding the USD/CHF since Thursday. The market has been finding resistance to the upside around 0.9325.

US Chicago Fed national activity index is already out, down from 0.25 (revised from 0.02) to -0.32 in January. From 15.3 (revised from 5.5), US Dallas Fed Manufacturing Business Index rose to 17.8 in February.

"USD/CHF is approaching the resistance area implied by the high of the declining channel and 0.9389 (18/01/2013 high)", wrote MIG Bank analyst Bijoy Kar, pointing to supports at 0.9276 (intraday low) and 0.9185 (20/02/2013 low).