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Forex: USD/CHF rises to 0.9330/40 resistance

The USD/CHF has been sistematically finding resistance at 0.9330/40 since January 21, and seems to be at a new attempt of breaking above. The pair regained the 0.9300 ground once the US GDP and jobless claims figure were released, keeping the upside steady. Good news coming from the US Chicago PMI allowed a move to 0.9329 high, for now.

The US Chicago PMI was expected to ease from 55.6 to 54.3 in February, but actual data surprised investors by increasing the expansionary pace to 56.8.

Earlier, the US annualized GDP Q4 drop was even worse than the expected, from 3.1% to 0.5%, as actual data pointed to 0.1%. However, the quarterly figure moved higher than expected, by 0.9% instead of 0.6%. Also on the bright side were the falling initial jobless claims, from 366K to 344K (consensus of 360K) and continuing claims, from 3.165M to 3.074M (consensus of 3.160M).

“The USD/CHF currency pair is consolidating near its maximums. I think today the price may reach the level of 0.9300, fall down to break the level of 0.9270, and then grow up again to reach the target at 0.9340”, wrote Roboforex.com analyst Igor Sayadov, pointing then to a possible reversal pattern for a new descending movement.

Forex: USD/JPY upside stalled at 92.40

The USD/JPY has been strengthening as the European morning ended and was preparing to pass the torch to the US. From 92.02 on a risk-off flow, the pair recovered and went as high as 92.40 on the NY opening. The market has been finding resistance there since the Asian session drop below it.
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Fundamental Afternoon Wrap: Dutch concerns ´clogg´ up European sentiment

A relatively quiet afternoon has been reflected in this afternoons institutional research, with Europe coming back onto the near term horizon following some tricky Dutch development which have added to the negative sentiment coming out of Italy. However, with Bernanke´s "soothing" performance yesterday, the feeling seems that the sequester, is not so much of a big deal as it probably should be. Looking east, Abe has announced the BoJ leadership nominations and Australian data looks supportive enough for analysts to negate any further rate cuts on the horizon.
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