Forex Flash: USD/CHF may be attempting to base slightly longer term - Commerzbank
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USD/CHF
FXstreet.com (Barcelona) - Commerzbank analysts see scope for a challenge of key short term resistance at 0.9280/0.9303 (a double Fibonacci retracement, 6 month downtrend and Fridays high), break of which would target initially the 200 day ma at 0.9431.
"We suspect that the market is attempting to base slightly longer term, the recent low of 0.9076 was accompanied by a divergence of the weekly RSI and the market has failed to close below 0.9104, (this is the 61.8% retracement of the move seen in 2012)", wrote analyst Karen Jones, pointing to the need of confirmation by closing above 0.9303, Fridays high, while there is interim support at 0.9190/60.
"We suspect that the market is attempting to base slightly longer term, the recent low of 0.9076 was accompanied by a divergence of the weekly RSI and the market has failed to close below 0.9104, (this is the 61.8% retracement of the move seen in 2012)", wrote analyst Karen Jones, pointing to the need of confirmation by closing above 0.9303, Fridays high, while there is interim support at 0.9190/60.
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