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Forex: EUR/CHF erases gains and turns lower, eyes on 1.2300 The rally seen in early European morning, up to 1.2369 high, was completely erased just ahead of the NY session, putting the EUR/CHF under p

The rally seen in early European morning, up to 1.2369 high, was completely erased just ahead of the NY session, putting the EUR/CHF under pressure and approaching the 1.2300 mark. At the time of writing, the cross has gone down as low as 1.2308 (-0.20% on the day).

The economic calendar is very light, but US MBA mortgage applications rose 3.4% in the week ending at February 1, and Canada PMI rose from 52.8 to 58.9 in January (beating consensus of 53.6).

As the EUR/CHF sold off to, tested and was held by the 1.2258 (61.8% retracement), Commerzbank analysts point ou that the intraday chart is indicating that this is the end of the corrective phase and “that we should see recovery from here to 1.2515”, wrote analyst Karen Jones.

Forex: USD/CAD plunges on upbeat Canadian data

The recovering USD/CAD was stonewalled during American trading Wednesday, as the pair nosedived 42 pips off its session high (0.9990) to trade presently at 0.9967/68 in these moments. In the aftermath of some upbeat Canadian data, the CAD has made a valiant push though the pair still is trading positively.
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BoE is stuck between a rock and a hard place – Yohay Elam

The UK economy has been suffering of late as the larger-than-expected drop in Q4 GDP as well as other unfavorable data show. Yohay Elam, Analyst at Forex Crunch, suggests that the BoE should remain on hold in February, with a slight possibility of a further QE expansion.
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