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Forex: USD/CHF drop supported by 0.9450

FXstreet.com (Barcelona) - After retesting resistance at 0.9480 on the European opening, the USD/CHF eased across the chart to 0.9450 low. The pair still trades below the opening price (0.9468), quoting close to 0.9460 (-0.10% on the day).

Expectations in Switzerland eased from 10 to 2.3 in March, according to the ZEW report. EMU current account surplus eased from €16.0B to €14.8B in January, higher than €7.9B consensus. Germany sold 10-year bonds at today’s auction and saw its average yield falling 1.66% to 1.36%.

“The USD/CHF currency pair formed a correction towards the previous descending wave”, wrote Ro-boforex.com analyst Igor Sayadov. “We think today the price may continue growing up towards the target at 0.9500 and then start a new descending wave to reach the level of 0.9300”, he added.

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