Forex: USD/CHF pressuring down ahead of Swiss data

FXstreet.com (Barcelona) - After the wide fall from 0.9568 high to 0.9452 as the US session opened yesterday, the USD/CHF has been stuck in the 0.9460/0.9476 range, unable to breach the it since then. The upside area is also yesterday's close and the market fell below the lower band of the range towards yesterday's spike low of 0.9452, down by -0.21%. Ahead is Producer and Import Prices in Switzerland for February.

The last day of the EU Summit is today and investors are looking for headlines regarding the bailout to Cyprus. Finland's Urpilainen said that is tough to happen today. Juncker said: “I can’t imagine that we would let the weekend pass without having solved the Cyprus problem.”

“The Elliott wave count is implying that we will see a retracement to 0.9396, 0.9350 ahead of the next leg up. Initial target is 0.9595/0.9609 the January 2012 high and 61.8% retracement of the move down from the 2012 peak”, wrote Commerzbank analyst Karen Jones, then looking for gains to the 200 week ma at 0.9694 (please note we have not been above this average for around 3 years).