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Forex: USD/CHF at 0.9300 in tight range

FXstreet.com (Barcelona) - Following yesterday’s fall, with a daily range of 100 pips and a close at 0.9295, the USD/CHF is trading under an extremely tight range at 0.9300.

The US session ahead will be loaded, with ADP employment and ISM manufacturing PMI at 14:00 GMT and the FOMC decision at 18:00 GMT. But investors were already eyeing the Asian economic calendar, with China’s official PMI easing to 50.6 in April, from 50.9 in March and below 51.0 consensus. “The details reveal steady indices for output and raw material inventories, but broad based declines across other components, with the biggest fall recorded in input prices (-10.5pt). At face value, today’s PMI suggests ~7¾% growth in Q2, a similar pace to Q1 and consistent with our view that China’s growth will print sub-8% GDP for 2013”; wrote TD Securities analyst Alvin Pontoh.

“At this point a deeper retracement to 0.9269/41 is likely– this is the 78.6% retracement of the last led higher in April and the 2013 support line”, wrote Commerzbank analyst Karen Jones. “0.9383/90 (November and January highs) to alleviate immediate downside pressure and re-target the 0.9596 10 month downtrend”, she added.

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