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Forex: GBP/USD hits 1.5800 resistance

The GBP/USD has been trading higher for most of the trading day, and from just above the opening price, the market engaged in a steady rise during the London morning, getting blocked around 1.5760 and stuck in the 1.5740/60 range. Just recently, the market was able to breach above the upper band and rally to the 1.5800 mark (+0.55%), where it quotes as of writing.

Investors are getting ready for the US Trade Balance. “We look for a slightly smaller trade deficit than consensus in December, as the lagged impact from lower energy prices and further improvement in export activity temper the trade imbalance”, wrote TD Securities analysts.

“Improved hourly technicals are supportive, however, still weak 4h chart structure requires break above 55 day EMA at 1.5745 and regain of 1.5770/1.5800 zone, to confirm near-term base and focus next significant barrier at 1.5877, 01 Feb peak”, wrote Windsor Brokers analyst Slobodan Drvenica, adding that the overall bearish trend sees risk of upside rejection under 1.5800, favoring a lower-top and fresh slide scenario and pressure again 1.5630/1.5600.

Forex Flash: New Zealand economy steams forward – BNZ

Local data released during January suggested the NZ economy finished 2012 in pretty good shape. Indeed, surer signs of the Canterbury reconstruction boom getting underway shone through, as consumer confidence rose, and commodity prices kept climbing (at least in world terms). December trade figures even revealed an unexpected and rare ($486m) monthly trade surplus.
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Forex: EUR/CHF breached 1.2300

The Swiss franc continues to gather buying interest on Friday, accentuated after the unemployment rate in the Alpine economy dropped to 3.1% in January, beating expectations and previous prints at... 3.2% expected and November’s +3.0%.
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