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Forex: USD/CHF consolidating Friday's upmove

The USD/CHF has broken through resistance at 0.9330 on Friday, moving up to 0.9465 high. Today's trading has been pretty much sideways around flatness.

Spain has added 59.4K new unemployed in February. However, the number is smaller than the 77.5K expected and less than half of the January figure.

Commerzbank analysts noticed the move above the 200 day ma at 0.9428: "While we may see some consolidation around here, this should be seen as only temporary as we look for a move to the 0.9513 November 2012 high", wrote analyst Karen Jones, aiming at 0.9972 2012 high for the long road, while initial support is at 0.9390/85.

Forex Flash: EUR/USD short-term downside target at 1.2679/61 - Commerzbank

The EUR/USD has terminated the upside corrective phase at 1.3163, according to Commerzbank analysts as they saw the market selling off into new lows for the year. "We note the 13 count on the 240 minute chart, however at this stage consider that while rallies are contained by the accelerated downtrend at 1.3263, the market will remain directly offered", wrote analyst Karen Jones, pointing to initial support at 1.2885/76, the 7th December low and 78.6% retracement. "We have short term downside target to 1.2679/61, this is the 61.8% retracement of the move up from July 2012 and the November 2012 low", she added.
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Forex Flash: FX volatility eyes Chinese headlines – UBS

Overnight, Chinese equities reacted badly to a series of property tightening measures announced by Chinese authorities on Friday evening. In particular, the fallout dragged the AUD/USD down to an 8-month low of 1.0119. The National People's Congress takes place this week, raising the risk of further headline-induced FX volatility. Meanwhile, BoJ Governor-nominee Kuroda spent the overnight session outlining his monetary policy views during a parliamentary confirmation hearing (see feature article below).
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