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Forex Flash: What does the EUR/USD has to offer? – UBS and Commerzbank

The single currency is now extending another attempt of advance further on Thursday, after posting fresh 2013 in the vicinity of 1.2920/25 on Wednesday. Today’s second-tier docket in the euro area would leave the euro to meander against the backdrop of the European Council meeting.

No change in the bearish outlook on the cross held by UBS, as Strategists G.Yu and G.Berry confirm: “Bearish trend conditions persist. Focus is on the support at 1.2876, a break below would expose 1.2662. Resistance is at 1.3074 ahead of 1.3134”.

In addition, Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggests, “Rallies will find a fairly solid band of resistance above 1.3093 to 1.3135 – this is the location of the accelerated downtrend, a Fibonacci retracement and the 8th March high. While capped here the market remains directly offered”. The analyst adds that the bank’s initial target would be the area of 1.2679/61, while 1.2400 appears as a longer-term goal.

Forex: USD/CHF trades higher to 0.9537/40 following SNB decision

The USD/CHF has traded unevenly on the heels of the SNB decision, which was unchanged, leaving the pair devoid of any large-scale sweeping movements. Indeed, the pair has not lost its grip on the 0.9500 level, and is trending higher after a brief setback in recent minutes towards 0.9523. In these moments however, the cross is trading positively at 0.9537/40, up +0.13%.
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Commodities Brief – Gold stuck in sideways consolidation, silver falls below 29.00 mark

Gold prices faced an uphill battle yesterday following the release of upbeat Retail sales figures in the United States, however as of European trading Thursday the yellow metal found itself in familiar territory, stuck in consolidation at the 1580-1590 region, just below the 1600 barrier/resistance. In these moments gold is trading sideways at USD $1588.17 per oz. – over the past few weeks the steady release of indicators out of the US have pointed to a more stable economy than previously imagined, reducing gold’s appeal as a sanctuary.
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