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EUR/CHF extends its decline

FXstreet.com (Barcelona) - Increasing concerns regarding global growth have prompted investors to find shelter in the safe haven CHF, dragging the cross to the boundaries of 1.2420 on Thursday.

The cross found some respite after yesterday’s sell off however, stabilizing in the area of 1.2440/50. Data from Switzerland showed that the economic activity expanded 0.6% QoQ during the first quarter and 1.1% on a yearly basis, both readings exceeding forecasts.

As of writing, the cross is down 0.03% at 1.2441 with the next support at 1.2410 (MA10d) followed by 1.2407 (low May 24) and then 1.2384 (low May 16). On the upside, a break above 1.2595 (high May 13) would expose 1.2650 (2013 high May 22) and finally 1.2655 (38.2% of 2007-2011 fall).

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