EUR/CHF: Critical barriers by 1.4000 have been successfully defended and the market has bounced violently to allow studies to unwind from oversold. From here, there is some solid internal resistance in the 1.4600’s and we look for this area to cap, ahead of the next downside extension back towards and eventually below 1.4000. Ultimately, the downtrend remains firmly intact despite the latest bounce and only a break and close back above 1.4600 would officially force a shift in the structure.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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