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USD/CHF capped below 0.9700 barrier

FXstreet.com (Barcelona) - The USD/CHF rally Tuesday was recently capped at the 0.9699 level (session high), failing to overtake the 0.9700 barrier during European trading.

Following the publication of Swiss data, the pair notching an advanec +0.55%, whilst settling in the region of 0.9686/87. Mataf.net technical analysts identify the next short-term resistances for the USD/CHF at 0.9690, followed by 0.9719, and 0.9768. Conversely, the pair is set to face calculated support at 0.9612, then 0.9563, and ultimately 0.9534.

In Switzerland, the Trade Balance (April) came in at 1.728B, against expectations of 1.757B. In addition, Exports (MoM) were reported at 17.004B in April, compared to a figure of 16.663B in the previous month. Finally, Imports (MoM) have yielded 15.276B in April, relative to 14.770B in March.

According to Research Analyst Gareth Berry at UBS, “The franc was marginally net sold on the week – asset managers engaged in their third-biggest week of USD/CHF buying, perhaps an acknowledgement of SNB President Jordan's comments last week that shifts to the level of the franc floor were possible, despite actual change being a distant prospect for now.”

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