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Forex: USD/CHF attempts at moving higher

The USD/CHF has been attempting at moving higher today, but has remained limited to as high as 0.9226, and now the market is back at the opening price, at 0.9212.

Ahead in the day are Spanish CPI, Italian and EMU trade balance, UK retail sales and Greek CPI. US manufacturing data by NY Empire State Index, consumer sentiment and industrial production are likely to attract more attention.

Commerzbank analysts see scope to the upside. "We have some resistance at 0.9250 and 0.9311. Key resistance remains the 0.9390 December high", wrote analyst Karen Jones, pointing to the need of clearance of 0.9390 on a closing basis to restore an upside bias longer term. "This resistance is reinforced by the 0.9352 55 week ma", she continued.

Forex Flash: EUR/USD focused on 1.3264, move above 1.3520 neutralizes outlook – Commerzbank

Commerzbank analysts say that only a recovery above 1.3520 would neutralize the immediate outlook and potentially re-target the 1.3711 February high. In the meanwhile, attention has has reverted to the 1.3264 (3 month uptrend), with the 1.3270/56 band as key near term (16th Jan low and the 61.8% retracement and 3 month support line). "This is likely to hold the initial test – however the risks have increased that we will see an eventual break down through here towards the more important 1.3164 7 month uptrend and a close below here is required to negate the up move completely", wrote analyst Karen Jones.
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