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USD/CHF profit-taking is not ruled out – Commerzbank

FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, hints at the possibility of some profit taking in the pair following the recent upside.

Key Quotes

USD/CHF at the end of last week reached our .9325/36 major target”.

“This is a major juncture for the currency pair it is the location of the 55 month moving average and the 29 year downtrend”.

“We look for this to provoke some profit taking/hold the initial test, however so far we have seen no failure at this key juncture and price action today should be key”.

“Initial support lies at .9198/75 ahead of the .9115 August 6 high. While it remains above the August 22 low at .9104, upside momentum should be maintained”.

“Longer term a weekly close above the .9236 level would be a MAJOR break higher and is the minimum required to assume this level has been taken out and will see further upside targets of .9840 (May 2013 high) engage”.

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