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Forex: USD/CHF holds below 0.9300 following German data

The USD/CHF has operated in a narrow 26-pip consolidation Thursday (0.9280-0.9306) despite the release of both Swiss and German data during European trading. After falling from it session highs, the cross has pared its gains to trade negatively at 0.9287/88, losing its grip on the 0.9300 level in these moments.

According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., “Larger picture bulls remain intact for now, however near-term studies are lacking momentum for break above the one-week range top at 0.9330 zone. Ah hourly structure is getting negatively aligned, as the price attempts at range floor at 0.9280, with 4h studies losing traction that keep the downside at risk.”

Earlier today in Switzerland, Gross Domestic Product s.a. (QoQ) grew +0.2% in the fourth quarter, against estimates calling for stagnation at 0.0%. Moreover the Gross Domestic Product (YoY) reported a climb of +1.4% in the fourth quarter, beating expectations of +0.9%. In Germany, Unemployment Change in the month of February yielded a figure of -3.0K, vs. -5.0K projected. Finally, the Unemployment Rate s.a. reported only at 6.9%, against a consensus of 6.8%.

Drvenica cites the next supports at the 0.9280 level, onto 0.9256, and finally 0.9240. On the ascension, a break above the 0.9300 barrier and first resistance will initiate additional means of correction at 0.9326 and 0.9337.

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