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EUR/CHF digesting gains after break above resistance at 1.2346

FXstreet.com (Barcelona) - The EUR/CHF closed above “correction resistance” at 1.2346 Wednesday and has since been in the early stages of a short-term consolidation / correction.

EUR/CHF traders to rely on technicals Friday

With a dearth of data points from Europe and Switzerland Friday, EURCHF traders will have to be reliant on recent momentum – of which there is not much – and technical influences – where the picture is not as clear as technicians would like.

Technical outlook for EUR/CHF

Technicians say the next two upside targets for EUR/CHF now that it took out “correction resistance” at 1.2346 are Fibonacci projections at 1.2378 and 1.2398. Support for the cross comes in at 1.2318 – the 200-day moving average and then Thursday’s low at 1.2310.

AUD/NZD upwards as “kiwi” devoid of momentum

The AUD/NZD is heading upwards for a second consecutive day as while RBA’s seems not to proceed with any rate cuts at least – soon - the RBNZ will be probably the first central bank among the developed countries to proceed with a rate cut.
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GBP/USD on a light corrective pullback

The GBP/USD is under a very light pressure on Friday, mostly amidst a light corrective pullback trend, after having gained roughly 200 pips yesterday on the solid support of the UK retail sales coupled with Wednesday’s encouraging labor data.
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