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USD/CHF Classical 02.16

USD/CHF Classical 02.16

2011-02-16 07:39:00
Joel Kruger, Technical Strategist
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USDCHF_Classical_body_swiss1.png, USD/CHF Classical 02.16

USD/CHF: Although the longer-term market remains under some intense pressure with the latest declines stalling just shy of the late 2010 record lows at 0.9300, inability to establish fresh record lows followed by a break back above 0.9500 leaves us constructive with our outlook from here. Next key topside barriers come in by 0.9785 and we now look for a weekly close above this level to accelerate gains and open a fresh upside extension back above parity and towards 1.0070 medium-term resistance from December 2010. Any setbacks from here are expected to be well supported ahead of 0.9500.

Written by Joel Kruger, Technical Currency Strategist for DailyFX.com

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