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Forex pairs in this Article » USD/CHF
FXstreet.com (Barcelona) - The USDCHF has rocketed ahead Monday after bouncing nearly 25-pips off of the 0.9156 level in recent minutes. On the heels of some lackluster economic data out of the EMU, the pair is trading at 0.9175/80, shattering resistances en route to session highs at the time of writing.

In the EMU, Industrial Production w.d.a. (YoY) has fallen -3.7% in November, exceeding expectations of only a -3.2% decline. Moreover, Industrial Production s.a. (MoM) has contracted -0.3% in November, against estimates calling for a +0.1% advance.

According to the ICN.com analyst team, "The USDCHF dropped last week, but couldn't prove the end of the AB=CD bullish Harmonic Pattern`s effect, as the pair still remains stable above 0.9080 levels. Despite this positioning however, we find that stabilizing below the 23.6% correction at the 0.9155 levels is considered negative and weakens the overall pattern's affect. Therefore, we prefer to remain neutral for now waiting for confirmations."

The USDCHF has notched an impressive gain of +0.54% thus far. After storming through calculated resistance at 0.9135 and 0.9155, the ICN.com analyst team cites the next means of correction at the 0.9200 barrier, onto 0.9270 and eventually the 0.9320 handle. Briefing a retracement scenario, a tumble towards the 0.9100 support lies ahead of additional means at 0.9080 and 0.9060.
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