Forex: USD/CHF falls to 0.9386/88 on upbeat German industrial production

FXstreet.com (Barcelona) - The USD/CHF upside was stymied at the 0.9405 level, whereby upbeat German economic data triggered a fall for the pair. While the cross ultimately failed to stabilize above the 0.9400 level, its worth noting that the decline has been contained above calculated support, preserving a greater decline. At the time of writing, the pair is now settling at 0.9386/88, now at an amplified loss of -0.17% off its opening Wednesday.

Briefing the technicals, according to the Mataf.net technical analyst team, the USD/CHF will encounter the following short-term supports at 0.9372, then 0.9334, and finally 0.9302. Conversely, the pair is slated to face resistance at 0.9442, then 0.9474, and ultimately 0.9512.

In Germany, the marquee data release of the European session has concluded with the Industrial Production s.a. w.d.a. (YoY) coming in at -2.5% in March, vs. expectations of -3.8%. In addition, Industrial Production s.a. (MoM) yielded a climb of +1.2% in March, against estimates of just -0.1%.