• 
• See all for FXstreet.com
• View Print Version

FXstreet.com (Barcelona) - The USD/CHF is seen consolidating at the 6 month downtrend, currently at 0.9291, with additional resistance here extending to 0.9303 (double Fibonacci retracement and Fridays high), according to Commerzbank analysts. "While we acknowledge that this has held the initial test we do in fact favor a break higher", wrote analyst Karen Jones, pointing to interim support at 0.9190/60.

Jones believes there is a basing process going on: "The recent minor new low of 0.9076 was not confirmed by the daily or weekly RSI and coupled with the fact that the market has traded through 0.9104 several times but so far failed to close below here, (this is the 61.8% retracement of the move seen in 2012), we suspect that the market is attempting to base - a close above 0.9303, Fridays high is needed to confirm", she wrote, pointing to the 200-day MA (0.9430) as consequent target.

Related Forex and Currencies Articles

• 
  Crude oil plunges to 3-week low on U.S., China PMI data
  5/23/2013 07:28 AM
• 
  U.S. new home sales rise 2.3% in April to 454,000
  5/23/2013 07:27 AM
• 
  Forex - EUR/USD near session highs in volatile trade
  5/23/2013 07:27 AM