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Forex: USD/CHF rises as Swiss Franc gives in, 0.9400 eyed

FXstreet.com (Barcelona) - Following the release of the SNB foreign currency reserves figures, narrowing from CHF438.3B to CHF433.6B, more than was expected (435.0B), the Swiss Franc became vulnerable in the European morning and gave in against its counterparts. With 0.9370 holding the downside, the USD/CHF retraced its losses and headed towards its May highs as the market still tries to regain 0.9400.

Investors are very much anxious to see the update of German factory orders indicator as market consensus suggests a monthly contraction by -0.5% in March and a year-on-year drop by -2.9%. The French industrial output not only contracted as predicted, but fell by -0.9% instead of the market consensus of -0.3%. For now, investors await the German data and keep the EUR/USD holding above 1.3070 and below 1.3090.

UBS analysts are neutral: “The latest strength is approaching resistance at 0.9403, a break above which would open the way to 0.9499”, wrote analyst Gareth Berry, pointing to support at 0.9338 ahead of 0.9247.

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