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USD/CHF: Bulls back in the game, rises to 0.9765

FXStreet (Mumbai) - The USD/CHF pair erased losses and is seen posting moderate gains in the early European trades, as the US dollar extends the recovery from China-driven drop ahead of an eventful EUR calendar.

USD/CHF recovers from 0.9738 lows

Currently, the USD/CHF pair trades 0.12% higher at fresh session highs of 0.9761, having posted day’s low at 0.9738 in early Asia. The major resumed its bullish momentum, reversing a brief dip from Asia, as the greenback continues to remain bid amid revived expectations of the Fed rate hike in the Oct meeting.

However, the upside is expected to remain capped as growing China fears continue to underpin the safe-haven appeal of the Swiss franc.

On the data-space, a raft of EZ PMIs are likely to dominate the session ahead while Draghi’s testimony may provide fresh cues on the euro, which may impact the Swiss currency to some extent as well.

USD/CHF Technical Levels

To the upside, the next resistance is located 0.9798 (Sept 11 High) levels and above which it could extend gains to 0.9829 (Aug 5 High) levels. To the downside, immediate support might be located at 0.9697 (Sept 10 Low) levels and below that at 0.9600 levels.

AUD/JPY drops on China data

The AUD/JPY pair dropped in Asia on Wednesday, highlighting risk aversion in the markets after China data added to concerns of a slowdown in the world’s second largest economy.
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China: Disappointed data once again, manufacturing PMI sinks - TDS

Prashant Newnaha, Rates Strategist at TD Securities, notes that the Chinese data are just getting worse with the Flash Manufacturing PMI came in below expectations at 47, the lowest level since Mar 2009, vs mkt at 47.5 and TD at 49 with weak external demand the driver of the weaker headline.
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