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USD/CHF intraday charts turning negative

FXstreet.com (London) - USD/CHF lost beyond 200 pips throughout the handover to the NY session in Europe yesterday. Not much more than the release of disappointing ISM was enough to encourage a dollar sell off across the board yesterday, proving that these markets a very sensitive to the data releases following the rhetoric of late from Central bank members and the Fed.

For the dollar today, we have economic data in the form of the US trade. According to TD Securities research teams, this could widen modestly in April as the lagged impact of the strengthening dollar tempers export activity and could push overall non-petroleum imports higher. However, the overall rise in the deficit will be tempered by weaker energy prices, which should lower the energy import bill.

In the opinion of Commerzbank, the USD/CHF’s correction lower has extended lower towards the 200 day ma at 0.9358, the intraday charts have turned more negative and at this stage they are unable to rule out further weakness to the 0.9324 2013 uptrend, which we look to ideally hold. They said, provided that dips hold over 0.9324 uptrend, the longer term bull move is intact. Intraday rallies are likely to find minor resistance at 0.9650, 0.9684. Above here, they say should re-focus attention on to the 0.9840 May high and the target remains the 0.9972 2012 high.

On a broader scale, the trading range remains with key support at 0.9310 and key resistance at 0.9775. The general trend appears to now be towards the downside from the toppy heights above 0.9800 set in May targeting the psychological 0.9000 zone.

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