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USD/CHF bounces to 0.9641/42 after US durable goods

FXstreet.com (Barcelona) - The USD/CHF recently bounced off the 0.9624 level following the publication of upbeat economic data in the US, recovering higher Friday.

At the time of writing, the pair is now operating at just 0.9641/42 – in the United States, Durable Goods Orders (April) grew +3.3%, against projections of just +1.5%, and compared with -6.9% previously. In addition, Durable Goods Orders ex Transportation (April) were reported at +1.3%, against expectations of +0.5%.

Briefing the technicals, Mataf.net analysts identify the next short-term supports for the USD/CHF at 0.9621, followed by 0.9535, and 0.9437. Conversely, the pair is slated to face calculated resistance at 0.9805, then 0.9903, and ultimately 0.9989.

According to the ICN.com technical analyst team, “The bearish harmonic Butterfly Pattern is confirmed as the USD/CHF stabled below 23.6% correction of CD Leg of this pattern, which might extend the downside move to test the first target of the pattern at 0.9610. Breaking 0.9610 might extend the bearish move and will remain valid if the pair stabilized below 0.9770.”

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