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14 Jun 2013
Flash: USD/CHF short-term bottom - Commerzbank
FXstreet.com (London) - Analyst, Axel Rudolph at Commerzbank noted that USD/CHF made a four-month low at 0.9130 on Thursday but then formed a reversal day.
USD/CHF short-term bottom
This increases the odds that at least a short-term bottom is now in place. Only a, at present, unexpected drop through 0.9130 will put the 2013 low at 0.9023 back on the map.
He continues to explain that rallies will need to regain 0.9528 (38.2% Fibonacci retracement) to alleviate immediate downside pressure. Initial resistance can be seen around the 0.9247 May low and then along the 200 day moving average at 0.9348 as well as between the 0.9419 June 10 high and the 55 day moving average at 0.9443.
USD/CHF short-term bottom
This increases the odds that at least a short-term bottom is now in place. Only a, at present, unexpected drop through 0.9130 will put the 2013 low at 0.9023 back on the map.
He continues to explain that rallies will need to regain 0.9528 (38.2% Fibonacci retracement) to alleviate immediate downside pressure. Initial resistance can be seen around the 0.9247 May low and then along the 200 day moving average at 0.9348 as well as between the 0.9419 June 10 high and the 55 day moving average at 0.9443.