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Forex: USD/CHF bounces off lows to trade at 0.9387/90 after Swiss CPI

FXstreet.com (Barcelona) - The USD/CHF has been in a slight recovery mode Wednesday, having bottomed out at the 0.9376 level in European trading. This mark proved to be a session low however, and with the near triggering of support, the pair found new life and has moved back higher to the 0.9387/90 mark in these moments following downtrodden Swiss data.

Out of Switzerland, the Consumer Price Index (MoM) has reported an unchanged figure (0.0%) in April, against expectations calling for a +0.1% growth. Moreover, the Consumer Price Index (YoY) contracted -0.6% in April, which is consistent with consensus estimates.

At this juncture the cross has experienced a loss of -0.12% below its opening Wednesday. According to the Mataf.net technical analyst team, the USD/CHF will encounter its next short-term supports at 0.9372, followed by 0.9334, and 0.9302. Conversely, the pair is slated to face resistance at 0.9442, then 0.9474, and ultimately 0.9512.

“Prolonged stability above the 0.9385 level might trigger a new ascending wave, especially given that the linear regression indicators crossed over positively showing the possibility of ending the downside move. On the other hand, momentum indicators tend to be negative and therefore stability above 0.9295 is necessary for the pair to resume the upside move.” notes the ICN.com Technical Analyst team.

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