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Forex: USD/CHF falls to 0.9395/97

The USD/CHF has fallen in recent moments as market participants digest the steady tranche of economic data emanating out of Europe Tuesday, Earlier the pair broke below the 0.9400 level and is presently testing this region, incurring a loss of -0.14% during European trading.

In the EMU, the Markit Services PMI yielded a figure of 47.9 in February, against consensus expectations of 47.3. Meanwhile, the Markit PMI composite came in at 47.9 in the month of February, exceeding estimates calling for 47.3 In Germany, the Markit Services PMI (February) gave 54.7, vs. 54.1 projected.

According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., “The USD/CHF remains in a near-term corrective mode off fresh high at 0.9461 (01 March high). Initial support lies at 0.9400, reinforced by 55-day EMA, however, with hourly studies moving into negative territory and 4h indicators reversing from overbought zone, further easing cannot be ruled out.”

Drvenica cites the next supports at the 0.9391 level, onto 0.9370, and finally 0.9350. On the ascension, a break above the 0.9418 handle and first resistance will trigger additional means of correction at 0.9440 and 0.9461.

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