USD/CHF Classical 07.09
USD/CHF: The intense declines of the past several weeks continue, with the market dropping by some 12 big figures since early June from above 1.1700 down through1.0500 thus far. While daily studies are severely oversold, there has still been no direct sign of a bounce, and the risk from here is for additional weakness below 1.0500 to retest the multi-week platform base by 1.0435. However, as we have outlined, daily studies are dramatically overextended and a major upside reversal cannot be ruled out. Look for a break back above 1.0565 to confirm and accelerate.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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