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Forex: USD/CHF slightly off session highs at 0.9526/28

FXstreet.com (Barcelona) - The USD/CHF has made short work of the 0.9500 barrier/key resistance Wednesday, advancing on European concerns emanating out of Italy, coupled with the lackluster data from the EMU earlier. In recent moments the cross hit its zenith 0.9536/38 (session high), though at the time of writing the pair is trading at 0.9526/28.

The pair is operating at a steadfast +0.46% above its opening – Mataf.net analysts calculate that any further rise in the USD/CHF will be stymied by resistance at 0.9539, (the pair previously broke resistance at 0.9499 and 0.9519). Conversely, the pair will face short-term support at 0.9466, followed by 0.9453, and 0.9433.

“We cannot yet confirm the positive signals for the USD/CHF as the linear regression indicators and the stochastic are without confirmed stability above this level. We will stand aside to confirm stability above 0.9495.” notes the ICN.com technical analyst team.

In Italy, P.L. Bersani’s bid to form some sort of government in Italy seem to be doomed after 5-Star party leader B. Grillo has rejected any coalition with the rest of the political parties.

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