The Swiss Franc trimmed losses across the board so far during the American session after falling sharply en European hours. The USD/CHF peaked at 0.8495 after the release of US economic data. The pair was unable to reach 0.8500 and retreated more than 50 pips from the highs. At the moment trades at 0.8430/35 after hitting a new American session low at 0.8420.
“Fresh rally spiked to the levels just under 0.8500, signaling possible resumption of recovery from 0.8273/0.8304, interrupted by 0.8524/0.8370 correction. To confirm this, regain of 0.8524 is required, with clearance of key short-term barrier at 0.8550 to suggest possible basing for fresh recovery phase,” wrote Slobodan Drvenica, analyst at Windsor Brokers Ltd on its daily analysis. Drvenica warns that a rejection under 0.8500/24, “risks lower top and fresh weakness, with break below 0.8360 to bring near-term bears back in play.”
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