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Forex: USD/CHF erases gains back to 0.9450 area

FXstreet.com (Barcelona) - The USD/CHF jumped from 0.9460 to 0.9526 high on the ECB press conference, but the pair has already retraced it all back to 0.9450 and lower as Draghi was kind of vague and the market is also positioning itself ahead of tomorrow’s US NFP report. The USD/CHF has just printed its current daily low at 0.9438 and is now surrounding the opening price at 0.9453.

ECB’s Draghi left the door open to policy easing but was vague about what kind of action to take. Mario Draghi reminded that the ECB cannot fight the crisis on its own and that EU Member States should carry on with structural reforms in order to stimulate competitiveness and growth and reduce deficits. Also, he said that the bail-in to Cyprus will not be used as a template for other Eurozone countries.

US nonfarm payrolls are expected to come in at 200K in the March report, lower than the 236K in February.

The US initial jobless claims rose from 357K to 385K, instead of easing to 350K. Continuing claims also disappointed the market by coming in at 3.063M instead of the 3.050K consensus, with the previous figure being revised higher from 3.050K to 3.071K. The March Challenger Job Cuts report eased from 55.356K to 49.255K, but still higher than December and January data, at 32.6K and 40.K, respectively.

“The price may continue moving downwards to reach the target at 0.9380, return to the level of 0.9450 to test it from below, and then start another descending movement towards the target at 0.9340”, wrote Roboforex.com analyst Igor Sayadov.

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