The upward revision to December US Consumer Confidence has taken the kudos out of breaking the 110 mark. January hit 110.3, from an upwardly revised 110.0, to leave the Dollar underpinned on dips. As a result USD/CHF will continue to be supported on any sign of a drop back to 1.2500 with the stops below likely to remain intact for the moment.
Dealers will also look for signs of renewed Dollar weakness with EUR/USD needing to clear 1.2980/3000 before the upside opens. Against the Euro the Franc is consolidating the run higher. Stops were removed in the break below 1.6220, helping force the current EUR/CHF intraday low at 1.6213, but with bids seen into 1.6200 the downside looks limited for the moment also.
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