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Forex: USD/CHF eases to 0.9086/88 after PMI data

The USD/CHF has continued its consolidation Tuesday morning, as its daily maximum of 0.9117 looks like a distant memory. The pair’s gains have evaporated across the European session and in the aftermath of PMI data the cross is trading at the 0.9084/85 level in these moments.

According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., “The near-term USD/CHF price action has moved in a consolidative mode, as a bounce off of 0.9020 lacks momentum for clearance of the initial barrier at 0.9120 (Fib 50% of 0.9225/0.9020 descent). The hourly structure is neutral, while a prevailing negative tone on 4h chart keeps the downside favored.”

Drvenica, points to resistances halting the USD/CHF advance at 0.9120, then 0.9156 (Fib 61.8% and 55-day EMA) and 0.9187. Conversely, a continued movement below the 0.9074 region will initiate supportive measures at 0.9020 and ultimately a key barrier at 0.9000.

In Germany, Markit Services PMI (January) came in at 55.7, against expectations of 55.3. Moreover in the EMU, the Markit Services PMI has yielded a result of 48.6 in January, exceeding estimates of only 48.3. Finally, the Markit PMI Composite (January) has shown 48.6, which represents a higher than projected value of 48.2.

Germany: PMI Services rises to 55.7 in January

German PMI Services climbed to 55.7 points in January, from 52.0 points in December, according to data released today by Markit. Economists expected slightly less increase to 55.3 points.
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European money is allowing the USD/JPY to turn back to the upside. After the Asian shift pressure, with a low at 91.98, the market started the current bouncing movement at 92.13. As the "risk off" cloud disappears on Euro air due to stronger PMI data, the USD/JPY rally extends higher, already at 92.70 (+0.35% on the day).
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