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Forex: USD/CHF soars on falling Swissy

FXstreet.com (Barcelona) - The USD/CHF rallied to 0.9355 as the Swissy gets offered strongly in early European time. The EUR/CHF soared to 1.2425, which gave extra strength to the USD/CHF market, jumping from around 0.9310 to 0.9355 high.

The SNB reported expectations of CHF 6B in net profit during 2012. Switzerland Producer and Import prices rose 0.1% (MoM) in December, instead of being unchanged as expected, which strengthened the annualized figure more than expected, now only easing from 1.2% to 1.0%, instead of 0.8% consensus.

“The pair breaks above near-term congestion at 0.9300/30 range, signaling resumption of near-term uptrend from 0.9100 base”, wrote Windsor Brokers analyst Slobodan Drvenica. “As fresh strength cracked 0.9345, Fib 61.8% of 0.9511/0.9077, the way opens towards next upside targets at 0.9381 and 0.9400”, he added, pointing to bulls back in play and support at 0.9300 level and 0.9284 (range floor, reinforced by 55 day EMA).

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