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Forex: EUR/CHF cruises to session highs at 1.2317/20

FXstreet.com (Barcelona) - The EUR/CHF has been invigorated, streaming ahead during European trading towards session highs at 1.2317/20 Wednesday. Despite weak European economic data being revealed this week, the pair has continued its advance intraday.

The pair is presently rising +0.25% above its opening Wednesday. Briefing the technicals, “the latest EUR/CHF strength signal potential for a test of resistance at 1.2336 ahead of 1.2391. Support is at 1.2236 ahead of 1.2191, suggesting a bullish intraday view.” suggests the UBS Research Team.

Central banks are being forced to change stance. Following yesterday’s weak PMI data, the European Central Bank is now likely to cut interest rates on May 2. UBS Economics expects a 25bps reduction in the refinance rate to 0.50%.

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