FXStreet (Barcelona) – Karen Jones, Head of Technical Analysis at Commerzbank, notes that USD/CHF has recovered near term and looks set to tackle 7 week downtrend at .9456.
Key Quotes
“USD/CHF has recovered from .9234 and this suggests yet another run up to the 7 week downtrend at .9456. Overhead resistance is reinforced by the 200 day ma at .9535 and this will need to be overcome to initiate further upside interest presently.”
“Below .9234 we remain unable to rule out a slide back to circa 0.9175 and possibly the .9072/70 recent low and Fibonacci retracement. The intraday charts are not indicating that this is unlikely.”
“Current Position: Longs established .9328. Recommended Trade: Raise stops from .9230 to .9290. Exit .9450.”
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