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23 Sep 2013
Flash:USD/CHF has sold off to the 2012-2013 uptrend, which it is holding on a closing basis- Commerzbank
FXstreet.com (Athens)- Karen Jones, Head Technical Analyst at Commerzbank suggests that the USD/CHF last week sold off to, traded through but held on a closing basis the 2012-2013 support line, which lies at 0.9094.
Key-notes:
“Currently our favored view is for losses to hold this uptrend, however we would need to see a rapid bounce back above the 0.9146 August low just to alleviate immediate downside pressure and signal a return to 0.9261 – the 23.6% retracement of the move down from July.”
“We note the 13 count and the TD perfected set up on the daily chart and if short we would tighten stops. Failure to hold over 0.9080 will see USD/CHF sell off to the 0.9023 2013 low and then the 0.8931 2012 low.”
Key-notes:
“Currently our favored view is for losses to hold this uptrend, however we would need to see a rapid bounce back above the 0.9146 August low just to alleviate immediate downside pressure and signal a return to 0.9261 – the 23.6% retracement of the move down from July.”
“We note the 13 count and the TD perfected set up on the daily chart and if short we would tighten stops. Failure to hold over 0.9080 will see USD/CHF sell off to the 0.9023 2013 low and then the 0.8931 2012 low.”