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USD/CHF consolidation likely in the short-term – Commerzbank

FXStreet (Edinburgh) - In view of Axel Rudolph, Senior Technical Analyst at Commerzbank, the pair could attempt a consolidative pattern in the near-term.

Key Quotes

USD/CHF has not sustained the move above the 1.0212/78.6% retracement and may need to consolidate further very near term”.

“Currently the 1.0295 and the 1.0328 recent highs remain in focus”.

“A close above this latter level will introduce scope to 1.0732 longer term, the 78.6% retracement of the move from 2010 to 2011”.

Switzerland Real Retail Sales (YoY) came in at -1.6% below forecasts (-1.3%) in January

Switzerland Real Retail Sales (YoY) came in at -1.6% below forecasts (-1.3%) in January
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UK construction PMI preview: What to expect of GBP/USD?

The GBP/USD pair gained almost 200-pips on Monday before stalling around 1.44 levels today. Sterling’s rally could be attributed to better-than-expected UK manufacturing PMI and a weak US personal spending and manufacturing PMI numbers. The immediate focus now is on the UK construction PMI.
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