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Forex: USD/CHF falls to 0.9472/74 ahead of Jordan speech

The USD/CHF failed to overtake the 0.9500 level during European trading Thursday, having peaked at 0.9491 before the pair has pulled back into negative territory, on the heels of Swiss data. After falling near 20 pips in recent moments, the cross is now installed at 0.9472/74, down -0.14% off its opening.

Earlier, “the USD/CHF rose sharply approaching 50% correction at 0.9495. A breach of the aforementioned today is very likely – supported by positive Linear Regression Indicators, eying 61.8% correction at 0.9610. We do not rule out bearish correctional moves as momentum indicators offer overbought signals, however we will hold on to our positive expectations as far as 0.9375 remains intact.” writes the ICN.com Technical Analyst Team.

In Switzerland, Foreign Currency Reserves (February) were reported at 427.7B, compared with a figure of 429.5B previously. Later today at 9:00 GMT, SNB Chairman Jordan is expected to give his speech.

ICN.com analysts cite the next supportive levels at the 0.9465 level, ahead of 0.9425, and ultimately the 0.9400 barrier. Conversely, a prolonged movement into positive territory up to the 0.9495 region will initiate resistance at the 0.9515 level onto 0.9570.

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