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Forex: USD/CHF trading near support at 0.9351/54 after Swiss data

The USD/CHF has fallen steadily off its opening, receiving some negative pressure from the earlier release of positive German data that generally triggered a downward movement in pricing. As of European trading Friday, the pair is negotiating an exchange of 0.9352/54, establishing fresh session lows (-0.14%) on the heels of Swiss data.

According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., “The USD/CHF’s eventual break above its one-week congestion top at 0.9337 confirms near-term bulls, signaled by yesterday’s big white candle. As the price rallies towards key barriers and near-term targets, we see scope for a break above the 0.9381/87 and psychological barrier at 0.9400 barrier, to open the 200-day MA at 0.9430.”

In Switzerland, the SVME – Purchasing Managers’ Index was reported at just 50.8 in the month of February, below consensus expectations of 52.5. Earlier today in Germany, upbeat Retail Sales (YoY and MoM) grew +2.4% in January (besting estimates of -1.8%) and +3.1% in January (against projections calling for only +1.0%) respectively.

Drvenica cites the next supports at the 0.9354 level, onto 0.9337, and finally 0.9300 downside barrier. On the ascension, a break above the 0.9372 handle and first resistance will trigger additional means of upward correction at 0.9387 and 0.9400.

Switzerland: SVME - Purchasing Managers' Index (Feb): 50.8 vs 52.5 (Jan)

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Switzerland: SVME – PMI slides to 50.8 in February

The Swiss SVME – PMI growth slowed down to 50.8 in February, from 52.5 in January, the Schweizerischer Verband für Materialwirtschaft und Einkauf and Credit Suisse informed on Friday. Analysts expected the indicator to fall only to 52.2.
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