FXstreet.com (Barcelona) – The greenback has staged a recovery against its Swiss counterpart Tuesday after a forgettable Monday trading session, in which the pair was seemingly ceding momentum to the Franc throughout the day. The uneven release of data out of China earlier today has instigated a risk averse movement in the market that has gripped European trading, causing the pair to trade between 0.9746 (daily min) and 0.9780 (daily max).
In China, the Trade Balance blew away expectations in the month of June, posting a result of 31.73B against consensus estimates of only 18.70B. The situation with Exports (MoM) and Imports (MoM) was rather convoluted however, as Exports grew +11.3% in May vs. +9.9% expected, while Imports missed estimates by growing only +6.3% vs. a consensus of +12.7%.
At the present, the cross is operating in the region of 0.9775, advancing at a rate of 0.22% above its opening price level. The next short-term resistances are located at 0.9785, 0.9807, and finally 0.9828. On the downside, a breach of 0.9742 would expose supports at 0.9721 and 0.9699.