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Today Forex Update :-
European stocks, slightly down on banks woes; Euro and Pound hold gains

European stock markets have opened Tuesday's session on a slight sell tone, as weaker financial sector has outbalanced upbeat corporate earnings in the U.S. Euro and Pound hold Asian session's gains. Eurostoxx 50 Index trades 0.50% down, while Geman DAX index drops 0.55% and the French CAC Index declines 0.45%.

GBP/USD: Pound, negative biased while below 1.6435/70 - Commerzbank

The Pound has managed to hold gains on European session and the pair remains moving in a range roughly from 1.6355 to 1.6435, testing what according to Karen Jones, technical analyst at Commerzbank is a key area to negate bearish bias.

On the wekly chart, Jones observes the Pound trading on a negative bias while below 1.6435/70 area: "For now a bearish bias will remain while capped by 1.6443/70, however a break back below 1.6135/15 is needed to alleviate upside pressure and re-target 1.5690 then 1.5270."

On the upside, above 1.6470, the odds for a re-test of 1.7000 area will increase, says Jones: "Should the 1.6470/1.6535 resistance be breached we would allow for the recent high charted at 1.7040/45 to be tested – this is major resistance we would again allow for failure."

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Latest Forex Update :-

Forex: USD/CHF ends week below 1.0400

Dollar closed the week with gains against the Swiss Franc for the first time after three with losses. USD/CHF moved away from intra-week highs. The pair peaked at 1.0452, posting a fresh 3-week high on Thursday but then pulled back ending Friday around 1.0350.

USD/CHF is moving with an upside trend in four hour chat but still faces a downside pressure in bigger timeframe charts.

The Swiss also lost ground against Cable. GBP/CHF pulled back strongly after falling to a 7-month low at 1.6219. The pair managed to finish the week above 1.6500.

EUR/CHF plunged Thursday and Friday, losing completely the gains of Wednesday: the pair rallied surprisingly jumping from 1.5070 to 1.5240 bringing the attention to the Swiss National Bank.