USD/CHF: The rally has finally stalled out for now ahead of 1.0900, with the market in the process of correcting from overbought levels. However, we look for the 1.0500 area to offer itself as a solid prop for additional declines, with a medium-term higher low sought out ahead of some bullish continuation back above 1.0900 over the coming days. The 50-Day SMA also supports, and we would not expect to see a close below this medium-term SMA.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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