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Forex: EUR/USD gather traction to 1.3070

The bloc currency left session lows in the vicinity of 1.3020, advancing to the area around 1.3065/70 amid rumours and counter-rumours in the aftermath of the Italian elections.

Yields in the Italian and Spanish bond markets are ticking higher with banks’ shares in the Italian stock exchange posting sharp losses so far. Further comments from Italy remarked that former PM Silvio Berlusconi has ruled out an alliance with the centre-left party led by Mario Monti.

At the moment, EUR/USD is advancing 0.07% at 1.3071
Next resistance levels lines up at 1.3089 (hourly high Feb.26) en route to 1.3123 (MA100d) and then 1.3319 (high Feb.25).
On the downside, a break below 1.3018 (low Jan.7) would accelerate the descent to 1.2998 (low Jan.4) and finally 1.2996 (low Dec.12).

Switzerland: Employment Level falls to 4.116M in Q4

The Swiss Employment Level decreased to 4.116M in the fourth quarter of 2012, from 4.122 registered the previous quarter, according to data released today by Swiss Statistics. Consensus pointed to 4.107M.
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Forex: USD/CHF testing the 0.9300 level after Swiss data

An earlier attempt at the upside at the 0.9316 level was recently stymied by the release of upbeat data in Switzerland, leading to a nearly 15-pip decline in recent moments. Subsequently, the cross has fallen the 0.9300 barrier, testing the region in these moments, and already incurring a loss of -0.16%
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