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5 Jul 2013
Flash: EUR/CHF stalled - Commerzbank
FXstreet.com (London) - Karen Jones, Chief Analyst at Commerzbank said EUR/CHF has bounced off the 1.2225 200 day moving average.
She said EUR/CHF has tested the 38.2% retracement resistance and said the ppside target is the 1.2391 March peak. "While trading below the next higher 1.2420 June 10 high, the downside risk remains". She feels below 1.2225 will suggests a slide to the 55 week moving average at 1.2175. "Above 1.2410 would alleviate immediate downside pressure but only above 1.2545 will refocus attention on the 38.2% Fibonacci retracement of the 2007-11 decline at 1.2655. Above 1.2655 sits the 1.2765 September 2010 low".
She said EUR/CHF has tested the 38.2% retracement resistance and said the ppside target is the 1.2391 March peak. "While trading below the next higher 1.2420 June 10 high, the downside risk remains". She feels below 1.2225 will suggests a slide to the 55 week moving average at 1.2175. "Above 1.2410 would alleviate immediate downside pressure but only above 1.2545 will refocus attention on the 38.2% Fibonacci retracement of the 2007-11 decline at 1.2655. Above 1.2655 sits the 1.2765 September 2010 low".