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3 Aug 2016
USD/CHF remains under pressure – Commerzbank
In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair remains vulnerable and it could recede towards 0.9522.
Key Quotes
“USD/CHF remains under increasing downside pressure and there is scope for losses to .9522 the June low and possibly .9444/17, the May low and 200 week ma. We view this as the base of a large range which is expected to hold. Intraday rallies are indicated to fail circa .9705.We note 13 counts on the 60 and 240 minute charts”.
“Near term rallies will need to regain .9800 to alleviate immediate downside pressure and allow for recovery to short term resistance at .9990/1.00. This is the 61.8% retracement of the move down from November 2015”.