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17 Jun 2013
Flash: USD/CHF rallies expected - Commerzbank
FXstreet.com (London) - Karen Jones, Senior Analysts at Commerzbank said USD/CHF made a four month low at 0.9130 on Thursday but failed again to close below the Fibonacci support at 0.9197.
“We suspect that a near term rebound will be seen towards 0.9297 then 0.9400.” She said that rallies would need to regain 0.9484 (50% Fibonacci retracement) to alleviate immediate downside pressure. She notes that further resistance can be seen around the 0.9247 May low and then along the 200 day moving average at 0.9348.“Below 0.9130 will put the 2013 low at 0.9023 back on the map, this is key support we look for it to hold”.
“We suspect that a near term rebound will be seen towards 0.9297 then 0.9400.” She said that rallies would need to regain 0.9484 (50% Fibonacci retracement) to alleviate immediate downside pressure. She notes that further resistance can be seen around the 0.9247 May low and then along the 200 day moving average at 0.9348.“Below 0.9130 will put the 2013 low at 0.9023 back on the map, this is key support we look for it to hold”.