The rally seen yesterday corrected overnight and into European trading USD/CHF was back pivoting the 1.2150 mark. Trading has found it easy going near this level in recent days so spot should gravitate close to this level in the short-term. Sales in EUR/CHF are reported to have weighed on the Dollar pair in Europe, keeping spot near the 1.2125 lows.
EUR/CHF has drifted below its previous base at 1.6020 and the new session lows are said to have attracted some fresh supply. However, local players will see the price in the cross retaining its bullish bias while trading remains above 1.6000/05. Looking ahead, an early close for our North American colleges today but still we have the obstacle of US data to negotiate.
US Personal Income & Spending, Durable Goods (both November) and December Gallup Sentiment data are set for release at 13:30 GMT before the 15:00 GMT unveiling of Final December Michigan Sentiment. The event-risk posed by the latest US economic releases will keep the US Dollar underpinned in the short-run and USD/CHF will once more find key resistance in the form of 1.2200/10.
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