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USD/CHF still targets 0.9323 – Commerzbank

FXStreet (Edinburgh) - Axel Rudolph, Senior Technical Analyst at Commerzbank, sees the pair could hit 0.9323, the key 55-month moving average.

Key Quotes

USD/CHF is expected to struggle for a day or two around the April 2013 low at .9206 which has now been hit”.

“Above it lies the November 2013 high at .9251. Our medium term upside target remains the 55 month moving average at .9323, though”.

“This held the topside in 2012 and 2013 and is expected to do so again, at least for several days. Above here, at .9392, is the 29 year downtrend”.

“Support comes in around the .9115 August 6 high. While it remains above the August 22 low at .9104, upside momentum should be maintained”.

“Only unexpected failure at the August low at .9020 would allow for losses back to the three month uptrend line and the 55 day moving average at .9037/.9024 to occur”.

“While this holds, the bull trend remains entrenched”.

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