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EUR/CHF testing lows near 1.2020

FXStreet (Edinburgh) - The shared currency is trading on the back foot vs. the Swiss franc on Wednesday, pushing EUR/CHF back to test the 1.2020 region.

EUR/CHF eyes on the gold referendum

The cross extends the downside today, correcting lower from session highs around 1.2040 after SNB’s Thomas Jordan argued the Swiss economy could face negative consumer prices, although he stressed once again that the current floor of the exchange rate will remain intact. The referendum regarding the SNB’s holdings of the precious metal will be the next big risk event for the CHF, due on November 30th. The Swiss franc will remain in the middle of the speculations on the potential outcome, although the removal of the 1.20 floor seems quite unlikely at the moment.

EUR/CHF levels to watch

At the moment the cross is down 0.08% at 1.2024 with the next support at 1.2021 (low Nov.11) ahead of 1.2007 (low Jul.23 2012) and finally 1.2000 (SNB Target). On the upside, a break above 1.2045 (Tenkan Sen) would open the door to 1.2047 (high Nov.7) and then 1.2056 (21-d MA).

USD/JPY Volatile on Abe Spec – TD Securities

Analysts at TD Securities note that the JPY is likely to remain in focus for the markets following reports suggesting that PM Abe’s government is mulling a snap election in December, and see USD/JPY slipping below to 115.00/10 to find a firmer support at 114.00/10.
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EUR/USD Steady as Euro Industrial Production Matches Forecast - MP

Kenny Fisher, Currency Analyst at MarketPulse sees EUR/USD as steady on Wednesday, as the pair trades in the mid-1.24 range in the European session.
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