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Forex: USD/CHF still around 0.9226 after yesterday’s tumble

FXstreet.com (Barcelona) - Having failed to hold at the 0.9300 psychological support, the USD/CHF fell to 0.9208 low yesterday and is now trading in a very narrow range around the opening price of 0.9226.

ZEW will be publishing its survey on Expectations in Switzerland for the month of April. Market consensus suggests an improvement from 2.3 to 5.0. Afterwards, EMU construction output and the German 10-year bond auction results will be released.

“USD/CHF is struggling to overcome the 55 day moving average very near term at .9340. The market is eroding 0.9230, the 61.8% retracement and this leaves the downside exposed to 0.9140, the 78.6% retracement of the move up from February”, wrote Commerzbank analyst Karen Jones.

Forex Flash: Defensive on CAD ahead of BoC decision today – UBS

The Bank of Canada decision on Wednesday could prove to be one of the most decisive for the currency in recent memory. According to Research Analyst Gareth Berry at UBS, “The weakness in data driven by correcting domestic imbalances has intensified of late, and although the market is looking for policy rates to remain unchanged, we see a strong chance that whatever is left of the central bank's tightening bias will be swept away in entirety.”
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Forex: NZD/USD pares losses to return to 0.8487/94

The NZD/USD has recovered off of overnight lows that had the pair trading in the depths of 0.8457. However, across European trading, the cross has eliminated its losses to return near opening levels at 0.8487/94.
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