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Forex Flash: What can we expect of EUR/USD? – UBS and Commerzbank

The bloc currency is extending its congestion pattern centred around 1.3450/60, against a backdrop of statements and rumours around the G7 an the G20 regarding the ‘currency wars’.

The Swiss bank UBS remains bullish on the cross, after its Strategists G.Yu and G.Berry explained, “The next resistance is at 1.3518 ahead of 1.3564, a break above this would open the way to 1.3711. Support is at 1.3325 ahead of 1.3270”.

In addition, Karen Jones – Head of FICC Technical Analysis at Commerzbank – suggested, “The intraday Elliott wave count is implying that a rebound should terminate circa 1.3472/1.3518 - the 50% retracement of the recent sell off, our target remains 1.3270/56”. The expert added that the market should breach 1.3164 (7-month uptrend) to neutralize the upside bias.

NZD/USD trading positively at 0.8420/21

The NZD/USD has edged higher Wednesday after regaining the 0.8400 level yesterday and successfully holding it overnight. Thus far the pair has oscillated in a 36-pip range (0.8395 – 0.8431), unable to find a particular price driver during European trading so far. At the time of writing, the pair has settled in the region of 0.8420/21, securing an advance of +0.21% thus far.
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Switzerland: Producer and Import Prices up 0.1% in January

The Swiss Producer and Import Prices increased 0.1% in January, following a 0.1% rise in December, according to data released today by the Federal Statistical Office. This result is in line with projections.
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