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19 Feb 2013
Forex: USD/CHF flat in narrow trade
The USD/CHF is trading under a very narrow range and has got back to its opening price, around 0.9234. Yesterday, the pair closed with a Doji daily candlestick, with a high at 0.9258 and a low at 0.9210.
After the European opening, the economic calendar will provide updates of EMU construction output data, followed by German and EMU ZEW survey.
"The market needs to clear 0.9390 on a closing basis to restore an upside bias longer term. This resistance is reinforced by the 0.9352 55 week ma", wrote Commerzbank analyst Karen Jones. "Current price action has neutralised the outlook and dips lower should now find interim support at 0.9149/50", she added.
After the European opening, the economic calendar will provide updates of EMU construction output data, followed by German and EMU ZEW survey.
"The market needs to clear 0.9390 on a closing basis to restore an upside bias longer term. This resistance is reinforced by the 0.9352 55 week ma", wrote Commerzbank analyst Karen Jones. "Current price action has neutralised the outlook and dips lower should now find interim support at 0.9149/50", she added.