Forex: USD/CHF trades range before Drahi speech
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USD/CHF
FXstreet.com (Barcelona) - USDCHF has continued to trade in a 20 pip range throughout the European session today ahead of the Draghi's upcoming speech.
Mixed Swiss data this morning and a speech by the SNB's Jordan failed to inspire any significant movement as the pair has remained range bound today. With US market closed for Labor day and the European economic agenda completed for the morning, all focus will be upon Draghi's speech at 13:30. Analysts at Dukascopy Bank SA believe that the outlook for the pair is negative and comment that "an accelerated downtrend resistance line and the 100 day SMA did not allow the price to increase any further and terminated the bullish correction last week". They see targets of 0.9729 and 0.9397 before anticipating a robust recovery.
European Equities remain positive alongside the majority of commodities. US futures are up indicating a higher open and Spanish and Italian 10 year yields are up and down 1.57% and 1.06% respectively.
Mixed Swiss data this morning and a speech by the SNB's Jordan failed to inspire any significant movement as the pair has remained range bound today. With US market closed for Labor day and the European economic agenda completed for the morning, all focus will be upon Draghi's speech at 13:30. Analysts at Dukascopy Bank SA believe that the outlook for the pair is negative and comment that "an accelerated downtrend resistance line and the 100 day SMA did not allow the price to increase any further and terminated the bullish correction last week". They see targets of 0.9729 and 0.9397 before anticipating a robust recovery.
European Equities remain positive alongside the majority of commodities. US futures are up indicating a higher open and Spanish and Italian 10 year yields are up and down 1.57% and 1.06% respectively.
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