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Forex: USD/CHF rebounds off lows to trade at 0.9226/27

The USD/CHF rebounded off its session lows at 0.9201, after threatening the 0.9200 level during European trading. The pair is not back on track and continuing its advance, despite already trading above its 20 and 50-day SMA. At the time of writing the cross has settled in the region of 0.9226/27.

According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., “The USD/CHF regained a positive tone, following a break and close above the near-term congestion top at the 0.9200 region. An extension higher today approached the next barrier at 0.9247 (Fib 61.8% of 0.9387/0.9020) that keeps hopes of stronger recovery alive.”

With the G20 clearly in focus, the USD/CHF has recorded an advance of +0.17% Friday. Slobodan Drvenica identifies that increased gains will be stymied by resistances at 0.9247, up towards the 0.9300 barrier, and eventually 0.9323. On the downside, the pair will encounter means of calculated support at 0.9200, then 0.9150, and finally the 0.9115 handle.

G20 officials to discuss currency wars

The Group of 20 nations finance ministers and central bankers meet in Moscow on Friday for two-day talks. The main topic on the agenda will be currency manipulation and specifically Japan’s aggressive monetary expansion aimed at eliminating deflation.
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