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Forex: USD/CHF falls on Draghi's upbeat speech

The USD/CHF is weakening on the upbeat speech made by ECB's Mario Draghi, confident in Eurozone's economic recovery, and the 40% repayment of the LTRO lending programme. The market first peaked to 0.9480 resistance before falling across the chart, now at 0.9416.

The US calendar shows the US initial jobless claims publication, improving against expectations: from 347K to 344k (consensus of 355K). US nonfarm productivity didn't make a good impression, as it fell from 3.2% to -1.9%, weaker than the expected -1.6%. Unit labor costs rose from -2.3% to 4.6%, more than the 4.2% consensus.

“The USD/CHF currency pair continues growing up to reach the level of 0.9495. After reaching it, the price may start forming descending impulses for a new descending wave”, wrote Roboforex.com analyst Igor Sayadov, pointing first to 0.9420.

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