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Forex: AUD/USD trimming initial gains, around 1.0420

The Aussie dollar is giving away initial gains made after the inflation figures in Australia, gauged by TD Securities Inflation rose to 2.5%YoY in January, up from 2.4%, while Building Permits rose 9.3% YoY during the same period.

“NAB’s view remains that more rate cuts will be needed during the course of 2013 as the boom in mining investment fades and the unemployment rate rises”, comments the research team at NAB.

At the moment AUD/USD is losing 0.03% at 1.0421 with the next support at 1.0384 (Lower Bollinger) and then 1.0361 (low Feb.1).
On the upside, a breakout of 1.0452 (high Jan.31) would aim for 1.0464 (MA10d).

Forex: USD/CHF at gains today

The range of the USD/CHF remains tight, but steadily, the market is moving higher, by +0.17% on the day. Having hit a low at 0.9076 (December low) on the Asian session, the pair is trading at 0.9094, daily highs.
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Forex Flash: USD/JPY with one more leg to 94.70 prior to failure - Commerzbank

Commerzbank analysts point to 93.32 and 93.96 (38.2% retracement of the move down from 2007) as major resistance/target zone for this move. “The Elliot wave count on the intraday chart is implying we have one more leg to 94.70 prior to failure”, wrote analyst Karen Jones, pointing to support at 89.88 and 89.55.
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