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USD/CHF divergence prompts a correction? – Commerzbank

FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees the possibility of a pullback in the near term.

Key Quotes

USD/CHF essentially held sideways last week, stalling just ahead of the .9127 2014 high and the 0.9161 200 week ma”.

“The recent high of .9115 was accompanied by a large divergence of the daily RSI and we would allow for some near term slippage - the .9036 June high has already been reached, but key support is regarded as .8978/73, the 3 month uptrend, and while this holds the bull trend remains entrenched.

“We continue to target the 200 week ma at .9161 then the 55 month ma at 0.9349 slightly longer term. This held the topside in 2012 and 2013 and is expected to be formidable. Above here at .9392 lies the 29 year downtrend”.

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