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Forex pairs in this Article » USD/CHF (Athens) – The USD/CHF had been trading under pressure overnight, but ahead of the European opening and the ECB’s conference the cross is moving mostly sidelines.

USD/CHF under pressure for a second successive day due to the ECB, EUR/USD upwards trend shift movement

The USD/CHF is trading at a very confined area the past hour ahead of the European opening trading session and the major key ECB conference, US GDP data, alongside with Swiss Seco Consumer Climate and Foreign Reserves data. Market participants should take upon consideration that the upwards trend shift of the EUR/USD has also put additional pressure on the USD/CHF (the correlation between the two crosses is approximately -0.93). Thus, taken for granted that the EUR/USD has been moving softly higher on Thursday, it might be plausible that the USD/CHF can’t help itself to find uptrend momentum.

Technical Perspective on the USD/CHF

The USD/CHF seems to be well capped by the 3-month resistance line at 0.9150 area. If the upcoming releasing data assist the cross to move further upwards it should first overcome the barrier of 0.9180 area to be gain momentum enough to move closer to the 200-daily SMA (0.9318).
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