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21 Aug 2015
USD/CHF could test 0.9438 – Commerzbank
FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could grind lower to test the 0.9438 area.
Key Quotes
“USD/CHF remains under pressure very near term following last weeks failure at the 78.6% Fibonacci retracement of the March-to-May decline at .9902 and we look for losses to the .9550/26 July 23/31 lows, there is scope for the .9438 61.8% retracement”.
“Only unexpected failure there would allow for an extension of the move lower to the .9330 10th July low. Rallies are expected to struggle 0.9655/0.9700 and remain contained by the .9732 near term resistance line”.
Key Quotes
“USD/CHF remains under pressure very near term following last weeks failure at the 78.6% Fibonacci retracement of the March-to-May decline at .9902 and we look for losses to the .9550/26 July 23/31 lows, there is scope for the .9438 61.8% retracement”.
“Only unexpected failure there would allow for an extension of the move lower to the .9330 10th July low. Rallies are expected to struggle 0.9655/0.9700 and remain contained by the .9732 near term resistance line”.