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May 9, 2013
Forex Flash: USD/CHF ranging likely to be seen - Commerzbank
FXstreet.com (London) - Axel Rudolph, Senior Technical Analyst has taken a look at USD/CHF and suggests that a topside has struggled to break higher from the top of the daily cloud and the market has reacted back into the cloud range (0.9295/0.9438).
He say’s that further ranging is likely to be seen and feels that, currently, it is worth continuing to hold longs, but suggests that patience is required.
His team at the Bank suspect that this is a market which is consolidating and gearing up to eventually challenge the 0.9481 ten month downtrend line.
They are suggesting that there is key support remaining at the 0.9262 support line, which should now under pin the market.
He say’s that further ranging is likely to be seen and feels that, currently, it is worth continuing to hold longs, but suggests that patience is required.
His team at the Bank suspect that this is a market which is consolidating and gearing up to eventually challenge the 0.9481 ten month downtrend line.
They are suggesting that there is key support remaining at the 0.9262 support line, which should now under pin the market.