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USD/CHF rebounds off lows to trade at 0.9540/42

FXstreet.com (Barcelona) - The USD/CHF bounced off its recent lows at 0.9510, recovering the mark of 0.9540/42 during European trading after the recent publication of EMU data Friday.

In the EMU, Consumer Price Index (YoY) grew +1.4% in May, matching expectations of +1.4%. In addition, the Consumer Price Index – Core (YoY) climbed +1.2% in May, relative to projections calling for +1.1%.

Briefing the technicals, the pair is operating at +0.04% in these moments. The latest action pits the USD/CHF in positive territory, eventually facing resistances at 0.9622, onto 0.9699, and finally 0.9747. Alternatively, a movement lower will usher in support 0.9497, then 0.9449, and finally 0.9372, calculates the Mataf.net analyst team.

According to the Technical Analyst Team at ICN.com, “The USD/CHF extended the downside move affected by the bearish harmonic Butterfly Pattern and is currently trading around 50 correction of CD Leg of the harmonic pattern and below 38.2% correction at 0.9610. Based on the technical harmonic analysis rules, trading above the first target of the pattern represented in the referred to 38.2% correction might extend the downside move towards the second target at least at 0.9470 represented in 61.8%.”

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