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6 May 2013
Forex Flash: CAD/CHF potential upside ahead – Danske Bank
FXstreet.com (Barcelona) - After climbing to session highs above the key resistance at 0.9300 on Monday, the cross is now losing giving away part of those earlier gains and falling to the area of 0.9285/90.
According to A.Lohmann Rasmussen, Chief Analyst at Danske Bank, a base pattern would be carving out around the 100-week moving average at 0.9130 after bouncing off 0.8980, and this could be indicative of a new leg up.
“Clearing the 25 April high at .9290 can spark further strength towards the 27 March high at .9395 initially. Above here opens the way for a return to the 200-week moving average at .9480, just ahead of a confluence of resistance in the 0.9515/0.9630 area”, concluded the expert.
According to A.Lohmann Rasmussen, Chief Analyst at Danske Bank, a base pattern would be carving out around the 100-week moving average at 0.9130 after bouncing off 0.8980, and this could be indicative of a new leg up.
“Clearing the 25 April high at .9290 can spark further strength towards the 27 March high at .9395 initially. Above here opens the way for a return to the 200-week moving average at .9480, just ahead of a confluence of resistance in the 0.9515/0.9630 area”, concluded the expert.