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Forex pairs in this Article » GBP/CHF, USD/CHF
FXstreet.com (Barcelona) - As the greenback moves stronger on Friday trading, the USDCHF edges higher since the European morning and found a high at 0.9270 lunch time. After a quick retreatment to 0.9260, the pair returned to its daily highs, where it stands for now.

The EU leaders agreed on the Single Supervisory Mechanism (SSM). However, the activation of the SSM was delayed to 2013, keeping the ESM from acting sooner to finance Spanish banks, putting pressure on the sovereign that will have to widen its public debt by 4% to make ends meet.

The hegemonic currency gained particular strength at 06:00 GMT, by the time the German Producer Price Index was released, improving annualized figures, from +1.6% to +1.7%. The EMU current account s.a. surplus rose from ¬8.1B to ¬8.8B in August. The non-seasonally adjusted figure, however, dropped from ¬14.3B to ¬7.2B. Italy's industrial orders are weaker in both monthly and yearly basis, while industrial sales improved in August. Both annualized figures are still contractionary.

"USDCHF charted an inside day, which reflects a slight loss of downside momentum", wrote Commerzbank analyst Karen Jones, expecting rallies will find resistance at 0.9275/.9300 and at the 0.9360 resistance line ahead of now tough resistance at 0.9438 (October high).
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