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Forex: USD/CHF reaches 0.9500 in slow trade

A very slow moving market has nevertheless reached the 0.9500 psychological level as the European morning ends and prepares to give way to the NY session. Friday's rally peaked at 0.9552 high, but this week's trading has only gone as high as 0.9530.

Switzerland annualized retail sales eased from 4.7% to 1.9% in January (consensus of 2.8%). The last piece of data in the European morning was the Portuguese GDP in Q4, pointing to a wider drop QoQ (from -0.9% to -1.8%) and YoY (from -3.5% to -3.8%).

“USD/CHF continues to rise. The resistance at 0.9513 (13/11/2012 high) has been breached. Resistances are now at 0.9552 (08/03/2013 high) and 0.9636 (28/08/2012 high)”, wrote MIG Bank analyst Bijoy Kar, pointing to hourly supports at 0.9489 (06/03/2013 high) and 0.9394 (05/03/2013 low).

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