USD/CHF Classical 07.13
USD/CHF: Could finally be poised for some significant upside after the market stalled out by key multi-week support in the 1.0500 area and bounced to end a sequence of 11 consecutive daily lower highs. Daily studies have turned up but still track in oversold territory to suggest that there is plenty of room for a major bounce. Look for Monday’s close above 1.0600 to help confirm newly adopted constructive outlook, while only a close back below 1.0500 gives reason for concern.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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