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17 Jul 2013
USD/CHF reverting back towards 0.9400
FXstreet.com (London) - USD/CHF had stalled ahead of 0.9380 in NY afternoon and walked through the 0.9400 to reach 0.9424.
USD/CHF had capped at 0.9424 and reverted towards the downside in early European and London shift. The pair will be reacting to Bernanke today / tomorrow and to the second tier US data over the course of the next few sessions.
USD/CHF under pressure
Karen jones, chief analyst at Commerzbank said that the USD/CHF has come under pressure and has eroded the 6-week uptrend at 0.9426. “The Elliot wave count on the 240-minute chart suggests that the market should stabilise ahead of Fibonacci support at 0.9368 and the 200 day ma at 0.9358. Rallies will need to regain the 0.9568 March high in order to retarget the 0.9753 July high”. She feels any erosion of the 0.9358 200 day ma would provoke another step down to the 0.9269/78.6% retracement. She said that this is seen as the last defence for the 0.9130 June low.
USD/CHF had capped at 0.9424 and reverted towards the downside in early European and London shift. The pair will be reacting to Bernanke today / tomorrow and to the second tier US data over the course of the next few sessions.
USD/CHF under pressure
Karen jones, chief analyst at Commerzbank said that the USD/CHF has come under pressure and has eroded the 6-week uptrend at 0.9426. “The Elliot wave count on the 240-minute chart suggests that the market should stabilise ahead of Fibonacci support at 0.9368 and the 200 day ma at 0.9358. Rallies will need to regain the 0.9568 March high in order to retarget the 0.9753 July high”. She feels any erosion of the 0.9358 200 day ma would provoke another step down to the 0.9269/78.6% retracement. She said that this is seen as the last defence for the 0.9130 June low.