Forex: USD/CHF retraces from highs
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USD/CHF
FXstreet.com (Barcelona) - The USDCHF is strong today, first from early CHF weakness and then risk aversion on the ECB's Draghi speech before the European Parliament, totalling a 60-pip range from 0.9324 low to 0.9384 high. The pair has retraced part of the recent rally and is quoting around 0.9360, up by +0.34% (GMT).
The CPI inflation report (YoY) in Greece eased from +1.7% to +0.9% in September, while the harmonized data softened from +1.2% to +0.3% (consensus of +0.9%). The Public Deficit/GDP ratio in Italy dropped from 8.0% to 2.8% in Q3.
"Further losses to the 0.9153/50 retracement should be allowed for - this is the 78.6% retracement of the move seen in 2012. It is considered to be the last defence for the low charted in 2012 at 0.8931", wrote Commerzbank analyst Karen Jones.
The CPI inflation report (YoY) in Greece eased from +1.7% to +0.9% in September, while the harmonized data softened from +1.2% to +0.3% (consensus of +0.9%). The Public Deficit/GDP ratio in Italy dropped from 8.0% to 2.8% in Q3.
"Further losses to the 0.9153/50 retracement should be allowed for - this is the 78.6% retracement of the move seen in 2012. It is considered to be the last defence for the low charted in 2012 at 0.8931", wrote Commerzbank analyst Karen Jones.
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