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USD/CHF eyes 0.9405 in the short term – Commerzbank

FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, there is the potential for the pair to hit 0.9405 in the near term.

Key Quotes

USD/CHF is consolidating around .9325/36 – this is a major juncture representing the 55 month moving average and the 29 year downtrend”.

“We are cautious - we note the TD perfected set up on the weekly chart and the market has stalled at initial resistance at.9395/.9403 a Fibonacci extension and retracement”.

“Beyond a small dip lower we target .9595, the 78.6% retracement of the move down from 2013”.

“Initial support lies at .9251, the November 2013 high and then .9242 the accelerated uptrend. This guards the .9115 August 6 high and the August 22 low at .9104, while above here upside momentum should be maintained”.

“Longer term a weekly close above the .9236 level would be a MAJOR break higher and will see further longer term upside targets of .9840 (May 2013 high) engage”.

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