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Forex Flash: What lies ahead of EUR/USD? – Commerzbank and UBS

The shared currency is trading in a defensive position on Tuesday, hovering over the 1.3370/75 region against the backdrop of the Eurogroup gathering and the G20 meeting on Friday.

Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested, “We suspect that the market may well have topped, however key support remains the 1.3164 7 month uptrend and a close below here is required to negate the up move completely”.

Strategists G.Yu and G.Berry at UBS inform the Swiss bank is again bullish on the cross, adding, “While strong support at 1.3270 holds, the risk is for resumption of strength. Resistance is at 1.3472 ahead of 1.3564”.

Switzerland: CPI falls 0.3% in January, as expected

Swiss inflation dropped for the third consecutive month by 0.3% in January, following a 0.2% decrease in December, according to data released today by the Swiss Federal Statistical Office. On a yearly basis Swiss inflation slid 0.3%, after declining 0.4%. Both results are in line with market consensus.
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Forex: USD/CHF eases to 0.9204/05 after Swiss data

The USD/CHF has eased slightly following the release of Swiss data during European trading Tuesday. After initially trading as high as 0.9216 (session high) the cross now settles marginally lower at 0.9204/05, clinging to a tepid gain of +0.02% at the time of writing.
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