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Forex: USD/CHF pulled to 0.9515 on profit taking

Having peaked at 0.9548 in reaction to the strong US nonfarm payrolls report, profit taking has pulled the USD/CHF to 0.9515 area, as it consolidates the +100-pip move.

Meanwhile, the US wholesale inventories were published. Analysts were expecting a 0.3% rise in January, but wholesale inventories in the US surprised with a +1.2% change. At 01:00 GMT of Saturday, FOMC member Duke will make a speech.

US nonfarm payrolls, added 236K jobs in February instead of the 160K consensus. January data, however, was revised lower from 159K to 116K. The unemployment report dropped unexepectedly from 7.9% to 7.7%, against an unchanged consensus. Average weekly hours rose slightly from 34.4 to 34.5 and hourly earnings rose 0.2% in February, as expected.

Earlier in the European session, Switzerland CPI data came in line with expectations, with the same pace of 0.3% in February in both monthly and year-on-year basis.
A break above 0.9513 “would indicate potential for further strength to 0.9609”, wrote UBS analyst Gareth Berry, pointing to support at 0.9394.

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