Forex: USD/CHF holding above 0.9100

After an early rise up to the 0.9100 surrounding area, the market has been trading sideways the whole time, with a temporary rise to 0.9115 ahead of Swiss data that was quickly retraced.

Switzerland trade surplus narrowed from 2.905B (revised from 2.910B) to 1.030B, much lower than the 2.500B expected, as exports (from 18.775B to 14.049B) dropped more than imports (from 15.830B to 13.046B). Investors will be watching Markit Services PMI and EMU retail sales.

"USD/CHF consolidated yesterday, it has yet to see a close below the January low of 0.9076 and we continue to suspect a near term consolidation/correction", wrote Commerzbank analyst Karen Jones, ponting resistance at 0.9165 in intraday rallies.