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Forex Flash: USD/CHF well placed to retest 0.9286/0.9303 - Commerzbank

By FXstreet.com,  January 09, 2013, 05:31:00 AM EDT

FXstreet.com (Barcelona) - Interim support at 0.9190 (50% retracement of the move up from the 0.9076 low) leaves the USD/CHF well placed to challenge the 0.9286/0.9303 resistance again (double Fibonacci retracement, 6 month downtrend and Fridays high): "This is key short term resistance, a close above here would target initially the 200 day ma at 0.9431", wrote analyst Karen Jones.

"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", Jones added.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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