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Forex: USD/CHF consolidates above 0.9400

Consolidation has been the theme of the day in the FX market on Monday as investors started the week on a cautious mood ahead of central banks and economic reports.

USD/CHF has spent most of the day within a narrow range just above the 0.9400 mark, after reaching a 3 ½-month high of 0.9461 last Friday. At time of writing, the pair is quoting at the 0.9410 zone, just 10 pips below its opening price.

In terms of technical levels, on the downside, if USD/CHF falls below 0.9400, next supports are seen at 0.9390 (high Jan 18), and 0.9350 (low Mar 1). On the other hand, resistances could be found at 0.9440 (intraday high) and 0.9461 (high Mar 1).

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