For collinear saturated layers, , where . Thus parallel states have and , whereas antiparallel states have and . The free layer switches in the smaller-field interval; the reference layer switches only at larger fields and its loop is shifted by exchange bias.
Figure 1.
Illustrative major magnetization and resistance loops, with an exchange-shifted reference-layer reversal
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The plotted switching fields are illustrative rather than supplied measurements. In the normal read-head minor-loop range, the reference stays positive and only the pair is sampled. Rotational reversal and domain formation can round these ideal abrupt steps.

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