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Forex: USD/CHF trading at 0.9400 level after EMU retail figures

The USD/CHF recovered the mark of 0.9405/06 in recent minutes, after the reporting of economic data in the EMU. Despite better-than-projected data, the figures still paint a gloomy picture of Europe that remains gripped in recession. With the 0.9400 level intact, the pair now trades at the precipice of positive territory during European trading Tuesday.

“Despite the downside move seen with the kick start of the week, trading is still stable above 0.9375. We consider this level key to the upside move, whereas stability above it might bring back bullishness.” writes the ICN.com Technical Analyst Team.

The pair is operating at -0.03% off its opening and ICN.com analysts calculate that the USD/CHF decline will be fortified by supports at 0.9375, onto 0.9350, and finally 0.9320. Conversely, an upward push will lead to resistive measures at 0.9425, up to 0.9465, and 0.9490.

In the EMU, Retail Sales (YoY) have contracted -1.3% in January, against expectations calling for -2.9%. Moreover, Retail Sales (MoM) have experienced a growth of +1.2% in January, exceeding estimates of only +0.2%.

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