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Strong ISM Non-mfg countered the ADP...>

DOLLAR-SWISS
DOLLAR-SWISS: Strong ISM Non-mfg countered the ADP miss yesterday as traders
focused on the firm employment component reading of ISM, which improved by
4.4pp. USDCHF touched multi-month lows of Chf0.9854, before comfortably closing
above the Chf0.99 level. It was also generating heavily oversold conditions with
an RSI reading of 25, its lowest since Jan 2015.
- Consolidation through Asia/Europe has seen the rate hold in a narrow
Chf0.9935-49 range. Bulls look to recover broken trendline
support-turned-resistance & the 200-dma at Chf0.9954/63 to extend the recovery.
Risk - Non-farm Payrolls scheduled for release tomorrow. Also, seasonality
trends have seen USDCHF register losses in June ten of the last twelve years,
currently -0.60%.

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