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Forex - USD/CHF pushes higher as Chinese data spurs risk demand

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Forex Pros - The U.S. dollar pushed higher against the Swiss franc on Tuesday, after a flurry of upbeat Chinese economic data boosted market sentiment and dampened demand for safe haven assets.

USD/CHF hit 0.8404 during European morning trade, the daily high; the pair subsequently consolidated at 0.8390, gaining 0.23%.

The pair was likely to find support at 0.8325, the low of June 7 and the pair's all-time low and short-term resistance at 0.8467, Monday's high and an eight-day high.

Earlier in the day, Chinese government data showed that consumer price inflation rose at an annualized rate of 5.5% in May, broadly in line with expectations.

Separate reports showed that producer price inflation rose slightly more-than-expected, while retail sales and industrial production data all showed robust growth. The data eased concerns over a slowdown in the world's second largest economy.

The Swissie was also lower against the euro, with EUR/CHF rising 0.47% to hit 1.2120.

Later Tuesday, the U.S. was to publish official data on retail sales and producer price inflation.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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