The 0.8931 / 10 support band has been held at USD / CHF, explains Karen Jones, Head of the Research Team at Commerzbank. Expect the pair to correct higher towards the 0.9100 level.
Key statements:
“USD / CHF held the support band of 0.8931 / 10 (Fibo), as we suspected and the market appears ready to extend its correction to 0.9100 and potentially to the 55-day moving average at 0.9168, we hope will limit the rally. “
“The 0.8910 level is considered the last defense for the mid-February low of 0.8872 and the January low of 0.8780.”
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