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USD/CHF bid above 0.9432 – Commerzbank

FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the bid tone in spot will prevail above the 0.9432 level.

Key Quotes

USD/CHF held steady yesterday, it has recently eroded .9595, the 78.6% retracement of the move down from May 2013 and the 2012-2014 resistance line at .9620 and this has introduced scope to .9840, the 2013 high”.

“Beyond here targets .9966/72, the 2012 high and the 61.8% retracement”.

“However the new high has not been confirmed by the RSI and we would allow for a dip back towards the uptrend at .9432”.

“The market remains bid above the accelerated uptrend at 0.9432 and only below here will alleviate immediate upside pressure for a slide back to .9301 (September low)”.

United States 3-Year Note Auction dipped from previous 1% to 0.994%

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