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USD/CHF falls off highs to trade at 0.9726/28

FXstreet.com (Barcelona) - The USD/CHF fell off the 0.9791 handle (session high), after a failed attempt to summit the 0.9800 upside level/barrier Wednesday.

Following the publication of Swiss data earlier, the cross was seen incurring a loss of -0.45% off its opening, while settling at 0.9726/28 in these moments. Should the losses continue, Mataf.net analysts identify the next short-term supports at 0.9675, then 0.9602, and finally 0.9549.

In Switzerland, the UBS Consumption Indicator (April) came in at 1.46, improving over a figure of 1.24 in the previous month. Later today beginning at 7:55 GMT, German Unemployment data will really help drive the short-term fortunes of the pair, as the European session will be dominated by this release.

According to Research Analyst Gareth Berry at UBS, “By examining the four-hour interval chart, we notice that the USD/CHF failed to stabilize above 0.9700 and 0.9730 supporting the return of the bearish move. Trading below the previous levels will force us to hold on to our negative expectations.”

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