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Forex: USD/CHF back and forth in 0.9500/30 range

With the NY session ahead, the USD/CHF bounced from the 0.9500 line and jumped back to its opening price area of 0.9518, reaching as high as 0.9522, but the move didn't hold and the pair is returning to the psychological level as the US session opens.

The economic calendar is practically empty, with the exception of the 3 and 6-month bills auction in the US. Investors may be looking for headlines from the US (budget talks) and the Eurozone (Thursday's EU Summit that will handle the Cyprus program, easing repayment plans for Ireland and Portugal, and bank recapitalizations from the ESM).

According to Reuters, the Troika (IMF, EU and ECB inspectors) are due to agree to an extension of the maturity of Portugal’s bailout loans until 2015, as they acknowledge Lisbon’s efforts to meet the bailout program requirements so far, but they also note the adverse impact of the recession in Europe on the Portuguese economy.

Mataf.net analysts point to resistances at 0.9530, 0.9550 and 0.9575. On the downside, supports might be found at 0.9500, 0.9450 and 0.9415.

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