In the wake of the US data USD/CHF is back testing the 1.2455/60 level where local players note reasonable offers. However, these are expected to halt the initial run higher and leave spot drifting inside a 1.2425/55 comfort zone ahead of the European closes.
In other news, the Medley rumours continue with the subject now turning towards the Fed and the potential for higher rates. Should any such report emerge then 1.2500 would come back into sight.
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