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Forex Flash: EUR/CHF year-end target at 1.22 – Scotiabank

The Swiss franc is trading flat on Tuesday, hovering over the area around 1.2340 despite the prevailing risk-on tone.
The CHF found selling pressure after T.Jordan defended the CHF 1.20 peg vs. the euro, decoupling the SNB monetary policy from the so-called ‘currency war’ and repeated (once more) that the central bank is ready to take further measures should the economic conditions require so.

Camilla Sutton, Chief Currency Strategist at Scotiabank argued, “We hold a Q113 EURCHF target of 1.25, but it expect that it will have settled back to 1.22 by year‐end”.

Gold trading at $1647.77

Gold prices are close to fully retrace recovery rally from 1625 (04 January low) to 1697 (17 January high). According to Slobodan Drvenica an analyst at Windsor Brokers Ltd., “A break below the triangular consolidation and subsequent loss of the near-term range floor / 200-day MA at 1660 zone has signaled a fresh direction.”
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Forex: USD/CAD in lows around 1.0020/25

The Canadian dollar is sharply appreciating against the greenback on Tuesday, falling from today’s highs in the boundaries of 1.0090 to the current session lows in the vicinity of 1.0020...
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