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Forex: USD/CHF testing the 0.9300

FXstreet.com (Barcelona) - The USD/CHF is testing the 0.9300 level during European trading Monday, after recovering off a recent setback that saw the pair trading below the 0.9286 mark. At this juncture, the cross is firmly entrenched in positive territory, notching an advance of +0.34%.

According to Gareth Berry a Research Analyst at UBS points, there is a main support at 0.9230 – only a closing breach here would be a strong bearish development. Resistance is at 0.9340 ahead of 0.9375, though overall we remain neutral intraday on the USD/CHF.”

“The USD/CHF stabilized at 0.9295, which might cause an upside correction to retest around levels 0.9360. The overall bearish move is likely to extend whereas the Double Top Pattern targets aren’t achieved yet, therefore we will hold on to our overall negative expectations during this week, taking into consideration the abovementioned simple upside correction.” suggests the ICN.com analyst team.

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