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EUR/CHF spiked 1.2600 on Jordan comments

FXstreet.com (Barcelona) - The Swiss franc posted fresh 2-year highs above the key mark at 1.2600 on Wednesday, bolstered by comments by SNB’s T.Jordan.

In his speech, the President of the SNB underlined that the franc remains strong, adding at the same time that the cap is crucial for the Alpine economy. He went on signalling that negative interest rates were never ruled out as a policy option, as well as lifting the current peg. Jordan also discarded that Switzerland would join the euro area, saying it is ‘not a realistic scenario’.

The cross is now advancing 0.67% at 1.2604 with the next resistance at 1.2645 (high May 20 2011) followed by 1.2693 (high May 13 2011) and finally 1.2702 (high May 11 2011).
On the flip side, a breakdown of 1.2459 (MA10d) would target 1.2436 (low May 20) en route to 1.2416 (low May 17).

USD/CHF trading at resistance at 0.9744/46

The USD/CHF has soared following the speech today on the SNB – the pair jumped to session highs at the 0.9760 before easing back to the 0.9744/46 resistance in these moments.
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GBP/USD struggles around 1.5100

The British pound took another hit on Wednesday and extended losses against the dollar to a fresh 7-week low after a 1.3% monthly decline for April retail sales was reported versus a 0.1% gain expected, while the May BoE minutes held no surprises.
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