A Swiss based player has today noted that US inflation data, due on Wednesday, will be key to the potential developing of a base in USD/CHF. The break below 1.2350 has (according to most players) put a negative bias on the charts and the above name is of the view that should the figures come in lower than expected there would be a risk of a further move towards the 1.22 threshold.
However, should the numbers meet expectations, or even come in higher than forecast, then the 1.2280/2300 area will look to base spot with a return towards the 1.2380/2400 zone then likely to unfold. In the short-term, bids into 1.2320/25 prop with the local offers into 1.2350 capping.
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